Question

At what rate percent per annum should Rs. 7000 be given to get Rs. 10500 after the end of 5 years?​

Answer 1

Given :

Principle : ₹7000

Total Amount : ₹10500

Time : 5 years

To find:

The rate of percent at which the money was lended.

Solution :

First, we should find the simple interest.

Simple Interest :

$\sf \dashrightarrow Total \: Amount - Principle$

$\sf \dashrightarrow 10500 - 7000$

$\dashrightarrow$₹$\sf 3500$

Now, we can find the rate of interest by the formula of simple interest.

Rate of interest :

$\sf \dashrightarrow SI = \dfrac{P \times R \times T}{100}$

$\sf \dashrightarrow 3500 = \dfrac{7000 \times R \times 5}{100}$

$\sf \dashrightarrow 3500 = \dfrac{35000 \times R}{100}$

$\sf \dashrightarrow 3500 = \dfrac{35000R}{100}$

$\sf \dashrightarrow R = \dfrac{3500 \times 100}{35000}$

$\sf \dashrightarrow R = \dfrac{1 \times 100}{10}$

$\sf \dashrightarrow R = \cancel \dfrac{100}{10} = 10$

Hence, the rate of interest is 10%.

Answer 2

Step-by-step explanation:

10% is the rate of that money