Question

If Principal =₹50,000, Amount =₹2,00,000, Time= 5 years then find the rate of interest.​

Answer 1

RATE OF INTEREST = 60%

hope it helps you

Answer 2

Solution!!

The concept of simple interest has to be used here. The principal, amount and time is given in the question. According to the question, we have to find the rate of interest.

Amount = Rs 2,00,000

Principal (P) = Rs 50,000

Time (T) = 5 years

Rate of interest (R) = ?

Let's find the simple interest using a suitable formula.

Amount = Principal + Interest

Rs 2,00,000 = Rs 50,000 + Interest

Interest = Rs 2,00,000 - Rs 50,000

Interest = Rs 1,50,000

Now that we know the simple interest, we can easily find out the rate of interest.

Interest = (P × R × T)/100

1,50,000 = (50,000 × R × 5)/100

1,50,000 × 100 = 50,000 × R × 5

1,50,00,000 = 2,50,000 × R

R = 1,50,00,000 ÷ 2,50,000

R = 1500 ÷ 25

R = 60

Hence, the rate of interest is 60% per annum.