Question

ravi invested 5000 for 5yearsand 4000for 3years at the rate of interest. He received a total interest of 2960 what was the rate of interest

Answer 1

SI =PRT/100
2960= (5000*5*R +4000*4*R)/100
41000R= 296000
R= 296/41
hence rate is about 7 % per annum