Question

find the rare percent per annum at which birr 142 will earn birr 59.65 in 12 years

Answer 1

Given:

Birr 142 will earn Birr 59.65 in 12 years

To find:

The rate percentage per annum

Solution:

The sum of money, P = Birr 142

The simple interest, S.I. = Birr 59.65

The no. of years, T = 12 years

Let "R" represents the rate of interest.

We know,

$\boxed{\bold{S.I. = \frac{PRT}{100} }}$

Now, on substituting the given values in the formula above, we get

$59.65 = \frac{142 \times R \times 12}{100}$

$\implies 59.65 \times 100 = 1704 \times R$

$\implies R = \frac{5965}{1704}$

$\implies \bold{R = 3.5\%}$

Thus, the rate percent per annum at which birr 142 will earn birr 59.65 in 12 years is → 3.5%.

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