Question
Download Solution PDFA sum of Rs. 22,400 amounts to Rs. 24,250 in 6 years at the rate of simple interest. What is the rate of interest (correct to two decimal places)?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 22,400
Time period = 6 years
Total amount (including interest) = Rs. 24,250
Formula:
S.I. = P × R/100 × T
Where, P = Principal, R = Rate of interest, and T = Time period (in years)
Calculation:
S.I. = Total amount - Principal
⇒ 24,250 - 22,400 = Rs. 1850
According to the question,
⇒ 1850 = 22,400 × R/100 × 6
⇒ 1850 = 224 × R × 6
⇒ 925 = 224 × R × 3
⇒ R = 925/(224 × 3)
⇒ R = 925/672 = 1.376 ≈ 1.38
∴ The rate of interest is 1.38%.
Last updated on Jun 19, 2025
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