Question
Download Solution PDFWhat is the rate of interest per annum for simple interest at which Rs. 880 amounts to Rs. 913 in 1\(\frac{1}{2}\) years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal of Rs. 880 amounts to Rs. 913 in 1\(\frac{1}{2}\) i.e. 1.5 years.
Concept used:
Simple Interest, SI = (P × R × T)/100
Amount = P + SI
where
P = Principal amount
R = Rate of interest per year
T = Time in years
Calculation:
Let the rate of interest be R% p.a.
According to the concept,
880 + (880 × R × 1.5)/100 = 913
⇒ (880 × R × 1.5)/100 = 913 - 880
⇒ R = (33 × 100) ÷ (880 × 1.5)
⇒ R = 2.5
⇒ R = \(2\frac{1}{2}\)
∴ The rate of interest is \(2\frac{1}{2}\)%.
Last updated on Jul 8, 2025
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