Question

SECTION D
(LONG ANSWER TYPE)
(1 X 5 = 5 MARKS
10. a) If Rakesh pays an interest of Rs. 336 for 4 years on a sum
of Rs. 5600, find the rate of interest.
​

Answer 1

Answer:

1.5%/annum is the rate of interest.

Step-by-step explanation:

Let,

Rate of interest = R

Given,

• Principle = 5600
• Simple Interest = 336
• Time period = 4 years

We know that,

R = ( SI × 100 / P × T ) % / annum

Hence,

R = ( 336 × 100 / 5600 × 4 )% /annum

= (33600 / 22400)% / annum

= (3/2)% annum

= 1.5%/annum

HOPE IT HELPS YOU