Question

At what rate of interest will Rs.2500 amount to Rs.3200 in 7 years.

Answer 1

Answer:

4%

Step-by-step explanation:

Simple intrest = 3200 - 2500 = 700

We know that,

$rate = \frac{simple \: intrest \times 100}{principle \times time}$

So,

$rate = \frac{700 \times 100}{2500 \times 7} = 4\%$

Answer 2

Answer:

4%

Step-by-step explanation:

Aim: To find the rate of interest.

Given:

- Principal = Rs.2500

- Amount = Rs.3200

- Time = 7 years

1st, we must find the simple interest. Simple interest = Amount - Principle

Now, substituting values:

3200 - 2500 = 700

Therefore, simple interest is Rs.700.

Now, we must find the rate % and the formula is:

R = $\frac{SI * 100}{P*T}$

Given:

- Simple interest = Rs.700

- Principal = Rs.2500

- Time = 7 years

Now, applying the formula and substituting values:

R = $\frac{700 * 100}{2500*7}$

  = $\frac{700 * 1}{25*7}$                    [I have cancelled 2500 and 100]

  = $\frac{100}{25*1}$                     [I have cancelled 700 and 7]

  = 4                         [I have cancelled 100 and 25]

Therefore, the rate of interest is 4%.

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Hope it helps ☺