Question

Find the annual rate of interest. Principal = 2350=2350 rupees Period = 2=2 years Total amount = 2867=2867 rupees

Answer 1

11%

Explanation:

We have been given that

Principle = Rs 2350

Time = 2 years

Total amount = Rs 2867

Therefore, Interest earned is given by

I = Total amount - Principle

I = 2867 - 2350

I = Rs 517

Formula for simple interest is

`I=Prt\\517=2350(r)(2)\\\\r=(517)/(2350*2)\\\\r=0.11\\\\r=11\%`

Therefore, annual rate of interest is 11%