Question
Download Solution PDFAn amount of Rs. 50,000 becomes Rs. 72,000 in 4 years on a simple rate of interest. The rate of interest is _____ per annum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal amount (P) = Rs. 50,000
Amount after 4 years (A) = Rs. 72,000
Time (T) = 4 years
Formula Used:
Simple Interest (SI) = A - P
Rate of Interest (R) = (SI × 100) / (P × T)
Calculation:
Simple Interest (SI) = 72,000 - 50,000
SI = 22,000
Rate of Interest (R) = (22,000 × 100) / (50,000 × 4)
Rate of Interest (R) ⇒ (2,200,000) / (200,000)
Rate of Interest (R) ⇒ 11%
The rate of interest is 11% per annum.
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