Question

At what rate will rs840 yield an interest of rs210 in 3year?

Answer 1

At the rate of 8.33% Rs. 840 will yield an interest of Rs. 210 in 3 years.

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Let's understand a few concepts:

To calculate the simple interest we will use the following formula:

$\boxed{\bold{Simpe\:Interest = \frac{Principal \times Rate \times Time}{100} }}$

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Let's now solve the given problem:

The sum of money i.e., Principal = Rs. 840

The no. of years i.e., Time = 3 years

The simple interest = Rs. 210

By substituting the given values in the above formula of simple interest, we can form an equation as,

$210 = \frac{840\times Rate \times 3}{100}\\\\\implies 1 = \frac{4\times Rate \times 3}{100}\\\\\implies 1 = \frac{1\times Rate \times 3}{25}\\\\\\\implies Rate = \frac{25}{3}\\\\\\\implies \bold{ Rate = 8.33\%}$

Thus, the rate of interest will be 8.33 %.

#SPJ3

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