Question

If 3750 amounts to 4620 in 3yrs at simple interest find:
a) The rate of interest
b)amount of 7500 in 11/2

Answer 1

Answer:

Hi there!

a) Given, Principal = 3750

Amount = 4620

So, interest = A-P= 4620-3750 = 870

We know,

Interest = Prt/100

or,870= (3750* r *3)/100

or, (870 * 100)/(3 * 3750) =r

or, r = 29000/3750 = 7.73%

b) Principal = 7500

t= 11/2

r =7.73%

Interest in 2nd case = Prt/100

= (7500 * 11/2 * 7.73)//100

= 3188.63

So, Amount = P +I = 7500 + 3188.63 = 10688.63

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