Question

What rate gives RS 250 as an interest on a sum of 55,000 in 2 years

Answer 1

Answer:

see the attachment file

Answer 2

Rate of interest per annum is 0.23 %

Solution:

The simple interest is given as:

$S.I = \frac{p \times n \times r}{100}$

Where,

p is the principal

n is number of years

r is rate of interest

From given,

S.I = 250

p = 55000

n = 2 years

r = ?

Substituting the values we get,

$250 = \frac{55000 \times 2 \times r}{100}\\\\250 = 550 \times 2r\\\\r = \frac{250}{550 \times 2}\\\\r = \frac{5}{22}\\\\r = 0.2272 \approx 0.23$

Thus rate of interest per annum is 0.23 %

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