Question

Hi frds!!
in 30 years an amount becomes 5 times the original amount?what is the rate of interest?

Answer 1

Given that,

Time, t = 30 years

An amount becomes 5 times of the original amount

To find,

The rate of interest.

Solution,

It is mentioned that the sum becomes 5 times in 30 years. Let P is the principal and it is equal to 100.

Amount = 500

Interest = 500 - 100 = 400

Using the formula of simple interest.

$I=\dfrac{PRT}{100}\\\\R=\dfrac{100I}{PT}\\\\R=\dfrac{100\times 400}{100\times 30}\\\\R=13.34\%$

Hence, the rate of interest is 13.34%.