BANKING F1

 

Asad deposited the amount of 200,000/= in a bank for 3 years and got a profit of 66000/=. Find the interest rate?

 

Solution

 

I = 66000/=, P = 200,000/=, T = 3 years, R = ?

 

I  = PRT

      100

 

66,000  = 200000 x R x 3

                      100

 

66,000  = 200000 x R x 3

                      100

 

66,000  = 2000 x R x 3

                     

66,000  = 6000R

          

¹¹66,000  = 6000R

   6000       6000

 

Hence the interest rate was 11%

 

TRY THIS…………………..

 

Sonali deposited the amount of 70,000/= in a bank for 5 years and got a profit of 10,500/=. Find the interest rate?