Question

At what rate of simple interest will Rs. 1600 amount to Rs. 1840 in 3 years? u will get 20 points for it

Answer 1

R=I/A this is the formula

Answer 2

Given:

Rs. 1600 amount to Rs. 1840 in 3 years

To find:

The rate of interest

Solution:

To solve the given problem we will use the following formulas:

$\boxed{\bold{Simple\: Interest = \frac{PRT}{100} }}\\\\\boxed{\bold{Amount = Principal + Simple \:Interest }}$

Principal, P = Rs. 1600

Amount, A = 1840

Time, T = 3 years

Let "R" represent the rate of simple interest.

Using the first formula of S.I., we get

$S.I. = \frac{1600 \times R \times 3}{100}$

$\implies S.I. = 16 \times R \times 3$

$\implies S.I. = 48 R$ ..... (i)

Now, using the second formula of amount, we get

$A = P + S.I.$

substituting the value of S.I. from (i), P = Rs. 1600 & A = 1840

$\implies 1840 = 1600 + 48R$

$\implies 1840 - 1600 = 48R$

$\implies 48R = 240$

$\implies R = \frac{240}{48}$

$\implies \bold{R = 5\%}$

Thus, the rate of simple interest is → 5%.

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