Question

if rupees 6250 amount to 7030.40in 3years what is the rate of interest charged per annum

Answer 1

Principal = ₹ 6250

Amount = ₹ 7030.40

Interest = Amount - Principal

= ₹ 7030.40 - ₹ 6250

= ₹ 780.40

Time = 3 years

Rate = ?

Rate = 100 × I ÷ P × T

= 100 × ₹ 780.50 ÷ ₹ 6250 × 3

Ans. = 4.162667 %