Question

What was the annual rate of simple intrest if rs 14000 earned rs 4000 as intrest in 3 years

Answer 1

Step-by-step explanation:

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Answer 2

The annual rate of simple interest if rs 14000 earned rs 4000 as interest in 3 years is 9.52%

Solution:

Given that,

Simple Interest = Rs 4000

Number of years = 3 years

Principal sum = Rs 14000

The formula for Simple Interest is given as:

$\text { Simple Interest }=\frac{P \times R \times T}{100}$

Where, P is the principal sum

R is the Rate of interest

T is the number of years

Plugging in values we get,

$4000=\frac{14000 \times R \times 3}{100}$

$R=\frac{4000 \times 100}{14000 \times 3}$

On solving we get,

R = 9.52 %

Hence the annual rate of interest is 9.52 %

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