Final answer:
The rate of interest per annum at which Rs 3600 will grow to Rs 5040 in 5 years is 8%.
This is calculated by finding the total interest and then using the simple interest formula to solve for the yearly rate.
Step-by-step explanation:
The student has asked to calculate the rate of interest per annum at which an amount of Rs 3600 will grow to Rs 5040 in 5 years.
This is a typical problem of simple interest in mathematics where the formula to calculate interest is used: Interest = Principal × Rate × Time.
To find the rate, we first need to calculate the total interest earned, which is the difference between the final amount and the principal:
- Interest = Final Amount - Principal
- Interest = Rs 5040 - Rs 3600
- Interest = Rs 1440
Now we can use the interest formula to find the rate:
- 1440 = 3600 × Rate × 5
- Rate = 1440 / (3600 × 5)
- Rate = 1440 / 18000
- Rate = 0.08
To express the rate as a percentage, we multiply by 100:
- Rate = 0.08 × 100%
- Rate = 8% per annum