Question

If a sum of Rs 450 becomes Rs 504 in 3 years the rate of interest will be

Answer 1

Answer:

r = 4

Step-by-step explanation:

An = 504

P = 450

n = 3

An = P(1+nr/100)

504 = 450(1+3r/100)

1.12 = (100+3r)/100

112 = 100+3r

12 = 3r

r = 4

Answer 2

The rate of interest will be 3.8%.

Step-by-step explanation:

Given : If a sum of Rs 450 becomes Rs 504 in 3 years.

To find : The rate of interest will be ?

Solution :

Using compound interest formula,

$A=P(1+r)^t$

Where,

A is the amount A=Rs.504

P is the principal P=Rs.450

r is the interest rate

t is the time t=3 years.

Substitute the value in the formula,

$A=P(1+r)^t$

$504=450(1+r)^3$

$\frac{504}{450}=(1+r)^3$

$1.12=(1+r)^3$

Cube root both side,

$\sqrt[3]{1.12}=1+r$

$1.038=1+r$

$r=0.038$

In percentage,

Therefore, the rate of interest will be 3.8%.

#Learn more

At the same rate of simple interest in percent per annum, if a principal becomes the amount of Rs. 7100 in 7 yrs. and of Rs. 6200 in 4 yrs. Let us determine the principal and rate of simple interest in percent per annum.

(Answer : P = Rs. 5000, R = 6%)

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