SIMPLE INTEREST 1A

Aakash deposited the amount of 20,000/= in a bank for 4 years and got a profit of 7200/=. Find the interest rate?

Solution

I = 7200/=, P = 20,000/=, T = 4 years, R = ?

I  = PRT

      100

7200  = 20,000 x R x 4

                      100

7200  = 20,000 x R x 4

                      100

7200  = 200 x R x 4

                     

7200  = 800R

          

⁹7200  = 800R

   800     800

Hence the interest rate was 9%

TRY THIS…………………..

Kinjal deposited the amount of 20,000/= in a bank for 6 years and got a profit of 6000/=. Find the interest rate?