Disha deposited rupees 25000 for 4 years in the bank. At the end of the period she had received altogether rupees 31000. Find the rate of interest
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The rate of interest per year is Rs.1500
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Given - Principal, amount and time
Find - Rate of interest
Solution - The rate of interest is 6%.
The simple interest is calculated by the formula -
Simple interest = Principal*rate of interest*time/100
Amount = Principal + Interest
Interest = 31000 - 25000
Interest = Rupees 6000
Keep the values in the formula to find the value of the rate of interest.
Rate of interest = 6000*100/25000*4
Rate of interest = 600/100
Rate of interest = 6%
So, the rate of interest is 6%.
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