Question

find the rate of interest if rupees 666.25 amounts to rupees 687. 57 in 292 days​

Answer 1

Answer:

r=?

p=666.25

a=687.57

n=292 days=0.8 yr

we know,

$p = \frac{a}{1 + rn} \\ > 666.25 = \frac{687.57}{1 + 0.8r} \\ > 666.25(1 + 0.8r) = 687.57 \\ > 1 + 0.8r = 1.0322 \\ > 0.8r = 0.0322 \\ > r = 0.04 = 0.04 \times 100\% = 4\%$