SIMPLE INTEREST 1

Rayan deposited the amount of 72,000/= in a bank for 5 years and got a profit of 12000/=. Find the interest rate?

Solution

I = 12000/=, P = 72,000/=, T = 5 years, R = ?

I  = PRT

      100

12000  = 72,000 x R x 5

                   100

12000  = 72,000 x R x 5

                   100

12000  = 720 x R x 5

                      

12000  = 3600R

           

^3.312000  = 3600R

   3600      3600

Hence the interest rate was  3.3%   

TRY THIS.........................

Plato deposited the amount of 75,000/= in a bank for 4 years and got a profit of 2000/=. Find the interest rate?