Question

At what rate of simple interest will ₹350 amount to ₹455 in 6 years? *

3%

4%

5%

6%

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Answer 1

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Answer 2

AnswEr :

• The required rate = 5%.

Explanation :

We are given with the principal, amount and time, that is,

• Principal = ₹350.

• Amount = ₹455.

• Time = 6 years.

We have to find out the rate so, firstly we need to find the Simple interest, after that we will find out the rate.

As we are given with amount and principal we know the formula for finding the value of simple interest, that is,

⇒ Simple interest = Amount - Principal.

Substituting the given values in the formula,

⇒ Simple interest = 455 - 350

⇒ Simple interest = 105

Now, we have three elements that used in formula, simple interest, principal and time$.$

As we are given with the simple interest, principal and time we know the required formula, that is,

⇛ SI = PTR/100.

Substituting the given values in the formula,

⇛ 105 = 350 × 6 × R/100

⇛ 105 = 35 × 6 × R/10

⇛ 105 = 210 × R/10

⇛ 105 = 21 × R

⇛ 105/21 = R

⇛ 5 = R

Hence, the required rate is 5%.