At what rate % will a sum of rupees 1200 amount to rupees 1600 in 6 years solve
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Principle = Rs. 1200
Amount = Rs.1600
Time = 6 years
rate of interest = ?
Amount = S.I + Principle [ S.I = P R T /100]
1600 = {1200 x r x 6} / 100 + 1200
1600 = 72 r + 1200
72 r = 1600 - 1200
72 r = 400
r = 400 /72
r = 5.55%
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