Question

find the rate of simple intrest which principle rs 3000 earns an intrest of rs 2000 in 5 years

Answer 1

Principal = Rs 3000

Interest = Rs 2000

Time = 5 years

Rate = (100 × I) / (P ×T)

= 100 × 2000 / 3000 × 5

= 40/3

= 13.33

Answer 2

The rate of interest is 13.33%.

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Let's understand a few concepts:

To calculate the value of R% i.e., the rate of interest we will use the following formula of simple interest:

$\boxed{\bold{Simple \:Interest = \frac{Principal \times Time \:\times \:Rate}{100} }}$

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Let's now solve the given problem:

The sum of money i.e., Principal = Rs. 3000

The no. of years i.e., Time = 5 years

The simple interest = Rs. 2000

Therefore, by substituting the given values in the above formula of simple interest, we can form the following equation,

$2000 = \frac{3000 \times 5 \:\times \:Rate}{100} }}$

$\implies 2000 = 30 \times 5 \:\times \:Rate$

$\implies 2000 = 150 \:\times \:Rate$

$\implies Rate = \frac{2000}{150}$

$\implies \bold{Rate =13.33\%}$

Thus, the rate of interest is 13.33%.

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