Question

If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be

Answer 1

It may be 20 percent

Answer 2

Answer :-

10 %

Given :-

Principal ( P ) = 1700 rupees

Total Interest ( I ) = 340 rupees

Time ( T ) = 2 years

To find :-

Rate of Interest ( R ) = ?

Formula to be used :-

$R = \dfrac{I \times 100}{P \times T}$

Solution :-

$R = \dfrac{340 \times 100}{1700 \times 2} \\ \\ R = \dfrac{34000}{3400} \\ \\ R = 10 \: \%$

If the interest on 1700 rupees is 340 rupees for 2 years, then the rate of interest must be 10 %