Question

At what rate will Rs 3600 amount to Rs 5040 in 5 years?

Answer 1

Principal = Rs 3600
Amount = Rs 5040
SI = Amount - Principal
    = 5040 - 3600
    = 1440

Rate = SI * 100 / P*T
         = 1440*100 / 3600*5
         = 144000/18000
         = 8 
         = 8 years

Answer 2

P = Rs 3600
R = x
T = 5 years
A = P + I
5040 = 3600 + 3600 * x * 5 /100   -----------[I = PRT/100]
5040 - 3600 = 180x
1440 = 180x
x = 1440/180
x = 8%

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