Question
Download Solution PDFA principal amount of ₹1200 grows to ₹1440 in 2 years. Calculate the rate of interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹1200
Amount (A) = ₹1440
Time (t) = 2 years
Formula Used:
Simple Interest (SI) = A - P
SI = \(\dfrac{P \times r \times t}{100}\)
Where, r = rate of interest
Calculations:
SI = \(\dfrac{P \times r \times t}{100}\):
240 = \(\dfrac{1200 \times r \times 2}{100}\)
⇒ 240 = 12 × r × 2
⇒ 240 = 24 × r
⇒ r = \(\dfrac{240}{24}\)
⇒ r = 10%
∴ The rate of interest is 10% per annum.
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