Question

what rate gives rupees 8960 as interest on a sum of 56000 in 2 years
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Answer 1

Answer:

rate is 8%

Step-by-step explanation:

let the rate be x

(56000*2*x)/100=8960

112000x/100=8960

1120x=8960

x=8960/1120

x=8

therefore rate is 8

Answer 2

Answer:

150

Step-by-step explanation for Compounded

Use formula: Amount= Principal (1+$\frac{rate}{100}$)^time

56000= 8960 (1+$\frac{rate}{100}$$)^{2}$

Bring 8960 and the exponent to the other side, making root of 56000 divided by 8960:  $\sqrt{(\frac{56000}{8960}) }$=1+$\frac{rate}{100}$

Bring 1 to the other side: 2.5-1 = 1.5

Now, bring 100 to the other side, which means multiplication: 1.5*100= 150

Therefore, the answer is 150%

Step-by-step explanation for simple

Amount= Principal+ ($\frac{Rate*Time*Principal }{100}$)

56000= 8960+ ($\frac{Rate*2*8960}{100}$)

56000-8960= $\frac{rate*17920}{100}$

Now, bring 17920 and 100 to the other side: $(\frac{47040}{17920} ) * 100$= 262.5

Therefore, the rate is 262.5%