Question

at what rate percent per annum will 1625 amount to 2080 in 3 1/2years


please tell fastly please​

Answer 1

Answer:

Rate = 8%

Explanation :-

Given :

Principle = 1625

Amount = 2080

Time = 3 1/2 = 7/2 years = 3.5

Finding Interest :-

Interest = Amount - Principal

Interest = 2080 - 1625

Interest = 455.

Finding Rate Percentage :-

Note : I = Interest, P = Principal, T = Time.

Rate percentage = (Ix100)/(PxT)

=> (455x100)/(1625x3.5)

=> 45500/5687.5

=> 8%

Hence, Rate Percentage = 8%