BANKING 1

 

Rayan deposited the amount of 20,000/= in a bank for 5 years and got a profit of 1500/=. Find the interest rate?

 

Solution

 

I = 1500/=, P = 20,000/=, T = 5 years, R = ?

 

I  = PRT

      100

 

1500  = 20000 x R x 5

                   100

 

1500  = 20000 x R x 5

                  100

 

1500  = 200 x R x 5

                      

1500  = 1000R

           

 ^1.51500  =   1000R

   1000       1000

 

 

Hence the interest rate was  1.5%

 

TRY THIS………….

 

Rayan deposited the amount of 6,000/= in a bank for 5 years and got a profit of 4200/=. Find the interest rate?