Question

What is the actual rate of interest if £4000 deposited for 3 years attracts interest of £1440?

Answer 1

Answer:

si = p× r× t/ 100

rate = si × 100 / p× t

rate = 1440× 100 / 4000×3 = 12 % interest.

Answer 2

The rate of interest is 12 %.

Given:

• Principal amount: £4000
• Time: 3 years
• Simple interest: £4000

To find:

• Find the rate of interest.

Solution:

Concept/formula to be used:

Simple interest$\bf = \frac{PRT}{100}$

Step 1:

Write the given values.

P: £4000

T: 3 year

SI: £4000

Step 2:

Calculate the rate of interest.

$1440 = \frac{4000 \times 3 \times R}{100}$

$R= \frac{1440}{40 \times 3}$

$\bf R = 12\%$

Thus,

The rate of interest is 12 %.

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