SIMPLE INTEREST 1

Rayan deposited the amount of 8,400/= in a bank for 5 years and got a profit of 2205/=. Find the interest rate?

Solution

I = 2205/=, P = 8,400/=, T = 5 years, R = ?

I  = PRT

      100

2205  = 8,400 x R x 5

                      100

2205  = 8,400 x R x 5

                      100

2205  = 84 x R x 5

                      

2205  = 420R

          

^5.252205  = 420R

       420       420

R = 5.25% = 5¹/4%

Hence the interest rate was Tsh 5¹/4%

TRY THIS……………….

Kibonde deposited the amount of 12,000/= in a bank for 6 years and got a profit of 3000/=. Find the interest rate?