SIMPLE INTEREST B2

Sonali deposited the amount of 30,000/= in a bank for 3 years and got a profit of 2700/=. Find the interest rate?

Solution

I = 2700/=, P = 30,000/=, T = 3 years, R = ?

I  = PRT

      100

2700  = 30,000 x R x 3

                      100

2700  = 30,000 x R x 3

                      100

2700  = 300 x R x 3

                     

2700  = 900R

           

³2700  = 900R

   900       900

Hence the interest rate was 3%