Question

The simple interest eamed on a certain sum in 5 years is 30% of the sum. Find the rate of interest

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Answer 1

Given:

The simple interest eamed on a certain sum in 5 years is 30% of the sum. Find the rate of interest

To Find:

The rate of interest.

Solution:

Let the sum (P) = ₹ 100

S.I. = $\frac{30}{100}×{₹100}={₹30}$

Period (T) = 5 years

 ∴ Rate =

$\frac{S.I.×100}{P×T}$=$\frac{30×100}{100×5}$ = 6%

So, the rate of interest is 6%

Answer 2

Let the principal sum be Rs 100

Then simple Interest =

$\frac{30}{100} \times 100$

= Rs 30

Now, Given Time =5yrs

Hence Rate of interest = 30 × 100 ÷ 100 × 5= 6%

Hence the final answer is 6%

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