Question

N. Find the rate of interest for the sum 89,456 that
gives 30,415.04 interest in 4 years.​

Answer 1

Answer:

let the rate of interest be x.

I = P×R ×T/100

30415.04 × 100 = 89456 × x × 4

3041504 = 357824x

x = 3041504/357824

x = 8.5

rate of interest is 8.5 % p.a