Question

Ravi invested ₹5000 for 5 years and ₹4000 for 3 years at the same rate of intrest. He received a total interest of ₹2960 what was the rate of interest?

Answer 1

first case ,

principal = ₹5000, time = 5 yr

S.I = p × r × t / 100

S.I 1 = 5000 × r × 5/ 100

= 250r

second case:

principal = ₹4000, time = 3yr

S.I 2 = 4000 × r × 3/ 100

= 120r

total interest received = ₹2960

S.I1 + S.I2 = 2960

250r + 120r = 2960

370r = 2960

r = 2960 ÷ 370

r = 8%

Answer: rate of interest = 8%

Answer 2

Answer:

8%

Step-by-step explanation:

I II

P = ₹5000. P = ₹ 4000

I = 5 years. I = ₹ 3 years

5000×5×R/100 + 4000×3×R = 2960

250 R + 120 = 2960

370 R = 2960

R = 8%