Question

If rs. 3000 amounts to rs.3600 under simple interest in 2 years. What is the rate of interest?

Answer 1

Answer:

R = 20% p.a. ∴ Rate of interest is 20% per annum.

Step-by-step explanation:

Step : 1  Given:

Amount in 2 years (A) =Rs. 3000

Amount in 3 years (A) = Rs.3600 .

Formula used:

Amount in compound interest (A)

A=P$(1+R /$ $100)^{\top}$

where,

P = principal.

R = rate percent per annum.

T = time.

Calculation:

We have,

T = 2 years and $T^{\prime}=3 years.$

Amount in compound interest (A) for 2 years

$\begin{aligned}& A=P(1+R / 100)^{\top} \\& 3600=P(1+R / 100)^2\end{aligned}$

Step : 2  Amount in compound interest for 3 years

$\begin{aligned}& A=P(1+R / 100)^{\top} \\& 3600=P(1+R / 100)^3\end{aligned}$

$\text { Dividing (1) and (2) }$

$\frac{3000}{3600}=\frac{1}{1+\frac{R}{100}}$

$\begin{aligned}& \frac{5}{6}=\frac{1}{1+\frac{R}{100}} \\& 1+\frac{R}{100}=\frac{6}{5}\end{aligned}$

$\begin{aligned}\frac{R}{100} & =\frac{6}{5}-1 \\\frac{R}{100} & =\frac{1}{5}\end{aligned}$

$\begin{aligned}& R=100 / 5 \\& R=20 \% \text { p.a. }\end{aligned}$

$\therefore$ Rate of interest is 20% per annum.

Step : 3  The amount that the lender charges the borrower over and beyond the principle amount is referred to as the interest rate. A person who deposits money in a bank or other financial institution also gets additional income in terms of the recipient, known as interest, taking into account the time value of money.

Step : 4 calculate the interest rate formula,

SI = (P x R x T) / 100

Here, SI = Simple Interest. P = Principal amount (invested or borrowed) R = Rate of interest.

To learn more about similar questions visit:

https://brainly.in/question/15350879?referrer=searchResults

https://brainly.in/question/635210?referrer=searchResults

#SPJ3