Meena deposited a sum of rs. 8000 in a bank paying simple interest. After one year, she withdraws rs. 2000. At the end of 3 years, she received rs. 7800. Find the rate of interest, assuming that she never collected her interest till then.
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Answer:
Rate of interest = 9% per annum
Step-by-step explanation:
Amount Deposited = Rs 8000
Let say Rate of interest = R % per Annum
Interest for 1st Years = 8000 * R * 1 /100 = Rs 80R
Amount with drawn after one year = Rs 2000
Remaining Deposit = 8000 - 2000 = Rs 6000
Interest for Next 2 years = 6000 * R * 2/100 = Rs 120R
Total interest in 3 Years = 80R + 120R = Rs 200R
Amount received after 3 years = 6000 + 200R
=> 6000 + 200R = 7800
=> 200R = 1800
=> R = 9
Rate of interest = 9% per annum
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