Question

At what rate of simple interest will Rs.4800 amount of Rs.6480 in a span of 7 years?

Answer 1

Answer:

5%

Step-by-step explanation:

Given,

Amount = 6480

Principle = 4800.

Interest = 6480 - 4800 = 1680

According to the question, The money is lent for simple interest.

So, We know the formula,

I = P × T × R / 100

where, P = principle

T = time

R = rate of interest.

I = interest.

We are given that,

Span or time = 7 years,

So 1680 = 4800(7)R/100

R = 1680 * 100 / 4800 * 7

R = 5 .

Therefore , The rate of interest at which 4800 would amount to 6480 in span of 7 years is 5% .