Question

Hari invests 15625 for 3 years at a certain rate of interest annually at the end of 1 year it amounts to 16875 find the rate

Answer 1

Answer:

8 % per year

Step-by-step explanation:

Firstly, we have to calculate the amount of interest after 1 year,

so, subtract, final amount - initial amount, 16875 - 15625= 1250.

For getting percentage, (Amount of interest ÷ initial amount) x 100

= (1250÷15625) x100

= 8%