Question

The total amount of rs 14500 with simple interest in 6 years is s 21460 . Find out the rate of interest per annum

Answer 1

The rate of interest is 8%

Step-by-step explanation:

Amount, A = 21460

Sum, P = 14500

Time, t = 6 years

Rate = r% PA  simple interest

SI = Prt

SI = A - P

$21460-14500=14500\times r\times 6$

$6960=14500\times r\times 6$

$r=\dfrac{6960}{14500\times 6}=0.08$

Rate = 8%

#BAL

Answer 2

Given,

Initial amount(P or principal) =  Rs. 14500

Final amount (A) = 21460

Time(t) = 6 years

To Find,

The rate of interest per annum =?

Solution,

Let the rate of interest per annum be r

From the formula of simple interest formula we have

A = P(1 + rt)

21460 = 14500(1 + r*6)

21460 = 14500(1 + r*6)

(1 + 6r) = 21460 / 14500

1 + 6r = 1.48

6r = 1.48 - 1

r = 0.48 / 6

r = 0.08

r = 0.08 * 100

r = 8%

Hence, the rate of interest per annum is 8%.