A sum of Rs 12,500 amounts to Rs 15,500 in 4 years at the rate of simple interest. What is the rate of interest?
Question
Solution 1
To find the rate of interest, we can use the formula for simple interest which is:
I = PRT/100
Where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time period
In this case, we know the principal amount (P) is Rs 12,500, the total amount after 4 years is Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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