Question

Richard deposits 5400 in a bank and received an amount of 6000 after 2 years. Find the interest rate
of the bank.

Answer 1

Answer:

Step-by-step explanation:So simple interest that he earned in two year is 6000-5400=600

SI=P*R*T/100

600=5400*R*2/100

600/108=R

R=5.5

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Answer 2

Answer:

The rate of interest of the bank is 5% .

Step-by-step explanation:

Given as :

Principal deposited in account = p = Rs 5400

The Amount received after 2 years = A = Rs 6000

The time period = t = 2 years

Let The rate of interest = r%

From Compound Interest method

Amount = Principal × $(1+\dfrac{rate}{100})^{time}$

Or, A = p × $(1+\dfrac{r}{100})^{t}$

Or, Rs 6000 = Rs 5400 × $(1+\dfrac{r}{100})^{2}$

Or, $(1+\dfrac{r}{100})^{2}$ = $\dfrac{6000}{5400}$

Or, $(1+\dfrac{r}{100})^{2}$ = 1.11

Or, 1 + $\dfrac{r}{100}$ = $\sqrt{1.11}$

Or, , 1 + $\dfrac{r}{100}$ =  1.05

Or, $\dfrac{r}{100}$ = 1.05 - 1

or, $\dfrac{r}{100}$ = 0.05

∴  r = 0.05 × 100

i.e  r = 5%

So, The rate of interest = r = 5%

Hence, The rate of interest of the bank is 5% . Answer