Question

The simple interest at the rate of 8% for three years is Rs.240 for a principal of ______. ​

Answer 1

Step-by-step explanation:

Simple Interest

Principle =P, Rate =R, Time =3, SI =240

SI=100PRT240=1003PRP=R8000

ii) Compound interest

Principle and rate are same, T=2,C.I=170

C.I=P×(1+100R)T−P170=P×⎣⎢⎡1−(1+100R)2⎦⎥⎤

Substituting P from SI to the above equation and solving the equation we get

R+200=2425R=225=12.5

the rate p.a is 12.5%.