Question

SI of a sum of money is 3/5 of the sum after 6 yrs . Find R% p.a.​

Answer 1

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Let x be the total sum in the given statement.

Then , According to the question the simple interest 3/5 x.

Formula for Simple interest = P× R× T / 100 =

3x/5 = r × x × 5 /100

R = 3x X 100 ÷ 5x × 5

Hence the Rate of interest per annum = 12%

Explore More:-

Simple interest is the interest calculated on the principal amount which is borrowed. While learning how simple interest is calculated, the main terms are principal denoted by P, rate of interest denoted by R and time in years denoted by T. The branch of commercial mathematics has one of the most important concepts, that is interest. The two types of interest are simple interest and compound interest. The idea of simple interest is based on the time value of money which has a current value, present value and future value. If invested in a deposit, earns an amount called interest.

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