Question

If 8900 amount to 9801 in 2 years at SI find rate of interest ?​

Answer 1

Given:

• Principal (P) = ₹8900
• Amount (A) = ₹9801
• Time (T) = 2 years

To Find:

• Rate of Interest (R) = ??

Formula Used:

$\red{\boxed{\sf{R = \dfrac{100\times SI}{P\times T}}}}$

Solution:

As, P = ₹8900 and A = ₹9801

Therefore, Simple Interest (SI) =  ₹ (A - P)

                                                  = ₹ (9801 - 8900)

                                                  = ₹ 901

• Simple Interest (SI) = ₹ 901

Therefore,

$\sf{R = \dfrac{100\times SI}{P\times T}}\\\\\sf{= \dfrac{1\!\!\!\not{0}\!\!\!\not{0}\times 901}{89\!\!\!\not{0}\!\!\!\not{0}\times 2}}\\\\\sf{= \dfrac{901}{178}}\\\\\sf{=5 \dfrac{11}{178}}$

Hence, Rate of Interest =  $\sf{5 \dfrac{11}{178}\%}$

Extra Information:

• Simple Interest (SI) is an easy method of calculating the interest for a loan.

• Principal (P) is the amount that is borrowed from the bank or invested.

• Rate (R) is the rate of interest at which the principal amount is given.

• Time (T) is the duration for which the principal amount is given.

• Amount (A) is the total money paid back at the end of the time period for which it was borrowed.