Question
Download Solution PDFA sum of Rs. 11500 amounts to Rs. 12880 in 2 years at the rate of simple interest. What is the rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 11500, Amount after 2 years = Rs. 12880
Formula:
Rate = 100 × (SI/PT)
Calculation:
⇒ Rate = 100 × ((12880 - 11500)/(11500 × 2)) = 6% per annum
Hence, the rate of interest is 6% per annum.
Last updated on May 28, 2025
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