Question

A reacher deposited Rs 66000 in his/her saving account for as many years as the rate of interest per annum .If he/ she received Rs 10560 as interest at the end of saving period find the time duration and rate of interest.

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Answer 1

Time and rate is 4 years and 4% respectively.

Explanation:

P = Rs 66000

so

T = R

I = 10560

so

I = PTR/100

Rs 10560 = (66000*T^2)/100

or, Rs 1056000 = 66000*T^2

or. 1056000/66000 = T^2

or, 16 = T^2

OR, T =√16

so T = 4

Then

T = R

so, R = 4