if the simple interest earned on a sum of money at the end of 7 years is 56% after principal what is the the rate of interest
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Step-by-step explanation:
If the simple interest earned on a sum of money at the the end of 7years is 56% of the principal, what is the rate of interest
Solution:
Let the principle be P
Time =7 years
Simple interest at the end of 7 years =56% of Principle
=> Simple Interest=56P/100
we know that
Simple interest=PTR/100
=>56P/100=P*7*R/100
=>56P=7PR
=>56=7R
=>7R=56
=>R=56/7
=>R=8
Answer:
Rate of interest for the given problem is
8%
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