Question

Mrs. Pal opened an account with a deposit of ₹ 3,500. Determine what is the annual interest rate on her account if the balance of the account at the end of 5 years was ₹ 4690 at simple interest?​

Answer 1

Answer:

Ending Balance with Simple Interest Formula

Using the prior example of a $1000 account with a 10% rate, after 3 years the balance would be $1300. This can be determined by multiplying the $1000 original balance times [1+(10%)(3)], or times 1.30.

Step-by-step explanation:

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