Question

At what rate of simple interest will Rs 1600 amount to Rs 2560 in 4 years?

Answer 1

Amount = ₹2560

Principal = ₹1600

Time = 4 years

Simple Interest = Amount-Principal = 2560-1600 = ₹960

And we know the formulae to calculate simple interst = PRT/100

$\frac{prt}{100} = 960 \\ \frac{1600 \times 4 \times r}{100} = 960 \\ 64 \times r = 960 \\ r = \frac{960}{64} = 15$
The rate of interest = 15% .

Answer 2

Solutions :-

Given :
Principle = p = Rs 1600
Amount = A = Rs 2560
Time = t = 4 years


Find the Simple Interest :-

S.I = A - p
= Rs (2560 - 1600)
= Rs 960


Find the rate of simple interest (r) :-

r = (S.I × 100)/(p × t)
= (960 × 100)/(1600 × 4)
= 96000/6400
= 15 %


Hence,
Rate of simple interest = 15 % p.a

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