Question

Karim deposit a sum of Rs 9000 in a bank. after 2 year he withdraw Rs. 4000 and at the end of 5years he received Rs. 7640. Find the rate solution.

Answer 1

12640 rs is the rate of solution

Answer 2

Answer:

The rate solution for this question will be 5.86%.

Step-by-step explanation:

Let the rate be r% p.a.

So, after two years:

I = $\frac{18000r}{100}$

I = 180r

∴ after 2 years A = 9000 + 180r

Let after withdrawal = P₂

= 5000 + 180r

Now, let's calculate the total amount being received after 5 years:

= 9000 + $\frac{9000*5*r}{100}$

= 450r + 9000 ⇒ 4000 + 7640

= 11640

So, 450r + 9000 = 11640

r = $\frac{2640}{450}$

= 5.86% is the required answer

The amount a lender charges a borrower is called an interest rate, and it is expressed as a percentage of the principal or the loaned amount. A loan's interest rate is commonly expressed as an annual percentage rate or APR.

Thus, the amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate (called the principal sum).