Question

at what rate percent per annum will rs 7000 produce rs 350 as simple interest in 2 years

Answer 1

Step-by-step explanation:

rate=350×100/7000×2=5/2%

Answer 2

Given:

• Principal = Rs. 7000
• Simple interest = Rs. 350
• Time = 2 years

To Find:

• The rate percent per annum.

Solution:

The formula to find the rate of interest per annum is given by,

⇒ R = (S.I×100)/(P×T) → {equation 1}

Where "R" is the rate interest, "S.I" is the simple interest, "P" is the principal, and "T" is the time.

On substituting the given values in equation 1 we get,

⇒ R = (350×100)/(7000×2) {multiplying the terms in brackets}

⇒ R = 35000/14000 {dividing the terms}

⇒ R = 2.5 %

∴ The rate percent per annum = 2.5 %