Question

At what rate of interest per year a sum of Rs 7200 amount to Rs 9540 in 5yrs​

Answer 1

The rate of interest is 6.5% per annum.

Step-by-step Step-by-step explanation:

As per given question we have provided that :

• 
  `\pink\star` Principle = Rs.7200
• 
  `\pink\star` Amount = Rs.9540
• 
  `\pink\star` Time = 5 years

Firstly, finding the interest by substituting the values in the formula :

`\begin{gathered} \qquad\twoheadrightarrow{\sf{Interest = Amount - Principle }} \\ \\ \qquad\twoheadrightarrow{\sf{Interest = 9540 - 7200}} \\ \\ \qquad\twoheadrightarrow{\sf{\underline{\underline{Interest = Rs.2340}}}} \end{gathered}`

Hence, the interest is Rs.2340.

Now, calculating the rate of interest by substituting the values in the formula :

`\begin{gathered} \quad{\implies{\sf{Interest = (Principle * Rate * Time)/(100)}}}\\\\\quad{\implies{\sf{2340= (7200 * Rate * 5)/(100)}}}\\\\\quad{\implies{\sf{2340= (36000 * Rate)/(100)}}}\\\\\quad{\implies{\sf{Rate = 2340 * (100)/(36000)}}}\\\\\quad{\implies{\sf{Rate =(234000)/(36000)}}}\\\\\quad{\implies{\sf{Rate =\frac{234\cancel{000}}{36\cancel{000}}}}}\\\\\quad{\implies{\sf{Rate =(234)/(36)}}}\\\\\quad{\implies{\sf{\underline{\underline{Rate =6.5 \%}}}}}\end{gathered}`

Hence, the rate of interest is 6.5% per annum.

`\rule{300}{2.5}`