Question

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​

Answer 1

Step-by-step explanation:

Given Question:-

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%