Question

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

Answer 1

Answer:

Hence, we can say that the rate of interest is 10% on Rs. 1700 for 2 years to obtain the interest of Rs. 340.

Answer 2

Answer:

In order to find the solution of this question, we should know about the concept of simple interest, that is, simple interest is given by the formula, I=P×R×T100I=P×R×T100, where I represents the interest, P represents the principal amount, R represents the rate of interest and T represents the time for which the interest is applied. By using this concept, we can find the answer to this question

Step-by-step explanation:

 In this question, we have been asked to find the rate of interest applied on Rs. 1700 for 2 years, such that the interest becomes Rs. 340. To solve this question, we should know that the simple interest is calculated by, I=P×R×T100I=P×R×T100, where I represents the interest obtained over the principal amount, P represents the principal amount on which the interest is applied, R represents the rate of interest and T represents the time for which the interest is applied

So, let us consider the rate of interest as R. Therefore, we can say that according to the question, we have P = Rs. 1700, I = Rs. 340 and T = 2 years. So, we can write the formula of simple interest as follows.

340=1700×R×2100340=1700×R×2100

Now, we will keep the variable R on one side and rest all terms on the other side. So, we get,

 R=340×1001700×2R=340×1001700×2

Now, on further simplification, we get,

R=10