Question

Ramesh borrowed Rupees 7000 from a bank on simple interest. He returned Rupees 3000 to the bank at the end of 3 years and Rupees 5450 at the end of 5 years and closed the account. Find the rate of interest p.a.

Answer 1

Answer:

{7000×(3x/100)}+{4000×(5x/100)}+7000=3000+5450

X=1450/410

X=3.54