Find rate when :Principle = 300, Time= 5/2 years,S.I = Rs.37.5
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Answer:
Rate of interest is 12.5%
Step-by-step explanation:
Principal amount (P) = Rs. 300
Time (t) = 5/2 = 2.5 years
Simple interest per year = Rs. 37.5
Rate (r) =?
First we have to calculate final amount (A) for 2.5 years with S. I. Rs. 37.5
= (S.I. per year × time) + principal amount
= (37.5 × 2.5) + 300
= 93.75 + 300
= 393.75
According to formula,
A = P (1 + rt)
393.75 = 300 (1 + r × 2.5)
393.75 = 300 + 750r
750r = 393.75 - 300
r = 93.75 ÷ 750
= 0.125
But rate is written in percentage so 0.125 × 100
Which is 12.5%
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