Question

the interests of the certain sum of money in 0.24 times of itself in 3 years find the rate of interest​

Answer 1

For SI the rate is 8%. for CI the rate is 7.4%

1) Let the amount put be P.

2) Given Interest on the amount be 0.24P

3) Time duration is 3 years.

4) Assuming Simple Interest

SI = PRT/100

Substituting the values 0.24P = PR*3/100

Hence the rate of interest is 8% p.a.

5) Assuming Compound Interest

CI =  

Substituting the values :

0.24P = P)

R =  

R = 7.4%p.a.