Question

At what rate of simple interest will ruppes5000 amount to ruppes6050 in 3years and 4 months...... guys please help me to do this sum ......​

Answer 1

Answer:

Formula : A = P (1 + rt)

where, A = total accrued (Principal + Interest)

P = Principal amount; I = Interest; r = rate; T = Tenure

r = (1/t) (A/P-1)

= (1/40) (6050/5000 - 1) = 0.00525

Converting r to R as percentage:

R = 0.00525 * 100 % = 0.525 % per month

R = 0.525 % per month * 12 months = 6.3 % per month

Step-by-step explanation:

Answer 2

Step-by-step explanation:

formula=Amount= P(1 + R/100) raised to power n