Find the rate, if simple interest earned is Rs. 168 on a principal of Rs.1050 for 2 years.
Question
Find the rate, if simple interest earned is Rs. 168 on a principal of Rs. 1050 for 2 years.
Solution
To find the rate of interest, we can use the formula for simple interest which is:
I = PRT/100
where: I = Interest P = Principal R = Rate T = Time
In this case, we know the Interest (I) is Rs. 168, the Principal (P) is Rs. 1050, and the Time (T) is 2 years. We want to find the Rate (R).
Rearranging the formula to solve for R gives us:
R = I * 100 / (P * T)
Substituting the given values into the formula gives us:
R = 168 * 100 / (1050 * 2)
Calculating the above expression gives us:
R = 8
Therefore, the rate of interest is 8%.
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