Question

At what rate will rs 7200 fetch a simple interest of rs 3024 in 4 years

Answer 1

simple interest = p*r*t/100
3024 = 7200*r*4/100
302400 = 28800*r
302400/28800 = r
10.5 = r

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Answer 2

The rate is "10.5 percent(%)".

Step-by-step explanation:

Given,

Principle(P) = Rs. 7200, Time(T) = 4 years and Simple interest(SI) = Rs. 3024

To find, the rate (R) = ?

We know that,

Simple interest(SI) =$\dfrac{P\times R\times T}{100}$

∴ R=$\dfrac{SI\times 100}{P\times T}$

$=\dfrac{3024\times 100}{7200\times 4}$

$=\dfrac{3024\times 1}{72\times 4}$

$= \frac{42}{4} =10.5%$

Hence, the rate is 10.5 percent(%).