avathar invested $12000 in the bank. after 2 years, he invested $6000 more. at the end of three years, he received $21,360. find the rate of interest
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is the answer of this question is 8%?
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Answered by
6
Answer:
8% p.a.
Step-by-step explanation:
Let rate of interest be y
SI=Amount-Principal
=21360-(12000+6000)
=21360-18000
=3360
((12000×2×y)÷100)+((18000×1×y)÷100=3360
=> (24000y÷100)+(18000y÷100)=3360
=> 240y+180y=3360
=> 420y=3360
=> y=3360÷420
=> y=8%
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