Question
Download Solution PDFThe amount becomes 12100 after 2 years and 13310 after 3 years, then find the rate of simple interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The amount for 2 years = 12100
The amount for 3 years = 13310
Formula used:
Simple Interest = (Principal × rate × time)/100
Calculation:
Interest for 3rd year
⇒ 13310 – 12100 = 1210
Interest for 2 years = 1210 × 2 = 2420
Principal = 12100 - 2420 = 9680
Rate = (1210/9680) × 100 = 12.5%
∴ The rate of interest is 12.5%.Last updated on Jun 11, 2025
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