What will be the Rate of Interest?

A sum of money amounts to Rs. 9680 in 2 years and Rs 10648 in 3 years, The rate of interest per annum, is

  1. 5%
  2. 10%
  3. 15%
  4. 20%
Monis Rasool Professor Asked on 21st May 2015 in Maths.
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  • 1 Answer(s)

    Answer; (2) 10%
    Let be the rate percent is R

    Amount of two years = 9680

    Amount of three years = 10648

    Then, Interest = 10648 – 9680 = 968

    And time = 3 – 2 = 1 year

    According to question,

    P = 9680, T = 1 year, SI = 968      and R =?

    Formula

    Simple Interest = (P x R x T)/100      where, P = Principle, R = Rate, T = Time

    968 = (9680 x R x 1)/100

    R = 10%                                Ans.

    Hence, the rate of interest per annum, is 10%.

    Anurag Mishra Professor Answered on 22nd May 2015.
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