Find the rate per cent per anum when Rs 700 yields Rs 210 in 3 years?
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Rate of interest = 10 % per annum when Rs 700 yields Rs 210 in 3 years
Step-by-step explanation:
Amount P = Rs 700
Rate of interest = R
Time = T = 3 Years
Yield = Rs 210
=> Simple interest = Rs 210
Simple interest = P * R * T /100
=> 210 = 700 * R * 3 /100
=> 210 = 21 * R
=> 10 = R
=> R = 10
Rate of interest = 10 % per annum
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