Mrs Rita deposited a sum of rupees 8400 in a bank after 2 years she withdrew rupees 5200 and at the the end of 4 years she received rupees 5288 find the rate of simple interest
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Answer:
Rate of simple interest 6.21%
Step-by-step explanation:
Principal Amount = 8400
Total Received = 5200+5288 = 10488
Interest in 4yrs = 10488-8400 = 2088
Interest % = 2088/8400 × 100 = 24.85% over 4 years.
Interest in 1 year = 24.85 ÷ 4 = 6.21 %
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