Question

If $3000 grows to $3540 after 3 yr, find the simple interest rate

Answer 1

R = 6%

Explanation:

We know that

SI = A - P

SI = 3540 - 3000

SI = $540

R = 100 × SI/P × T

R = 100 × 540/3000 × 3

R = 54/9

R = 6%

Answer 2

S O L U T I O N:

Here we've been provided with the information i.e

• Amount (A) = 3540

• Principal amount (P) = 3000

• Time period (T) = 3 years

And we are asked to calculate simple interest rate (R) = ?

The standard formula to calculate is given by,

`:\Rrightarrow\sf{S.I. = A - P}`

`:\Rrightarrow\sf{S.I. =3540 - 3000}`

`:\Rrightarrow\sf{S.I. =540}`

`:\Rrightarrow\sf{R = 100 * (S.I.)/(P) * t}`

`:\Rrightarrow\sf{R = 100 * (540)/(3000) * 3}`

`:\Rrightarrow\sf{R = (54)/(9) }`

`:\Rrightarrow\sf{R = 6\%}`

• The simple interest is 6%.