The annual rate of interest per year is 8%
Solution:
Given:- Principal (p) = 4600 rupees, Time –Period (t) = 5 years, Total amount(A) = 6440 rupees
First we will calculate the Interest and then using formula of simple interest we will calculate the rate of interest
Interest = Amount – Principal
Interest = 6440 – 4600 = 1840
Now using the formula of simple Interest and on putting values we get,
[tex]\text {Simple Interest }=\frac{P \times R \times T}{100}[/tex]
Where "P" is the principal and "R" is the rate of interest per annum and "T" is the time period
[tex]1840=\frac{4600 \times R \times 5}{100}[/tex]
[tex]\begin{aligned} \mathrm{R} &=\frac{1840 \times 100}{4600 \times 5} \\\\ \mathrm{R} &=\frac{1840}{230} \\\\ \mathrm{R} &=8 \% \end{aligned}[/tex]
Hence, the required rate of interest per year is 8%
Answer:
The annual rate of interest per year is 8%
Solution:
Given:- Principal (p) = 4600 rupees, Time –Period (t) = 5 years, Total amount(A) = 6440 rupees
First we will calculate the Interest and then using formula of simple interest we will calculate the rate of interest
Interest = Amount – Principal
Interest = 6440 – 4600 = 1840
Now using the formula of simple Interest and on putting values we get,
Where "P" is the principal and "R" is the rate of interest per annum and "T" is the time period
Hence, the required rate of interest per year is 8%
Let me know if it is correct! Thank you. :)
Step-by-step explanation:
