Practicing Success
A certain sum of money amounts to ₹9,766 in 3 years at simple interest at R% per annum and to ₹10,849 in $4\frac{1}{2}$ years at the same rate of simple interest. The value of R is: |
8 9 9.5 8.5 |
9.5 |
Simple interest of ( 4.5 - 3 ) years = 10849 - 9766 = 1083 Simple interest of 1 year = \(\frac{1083 }{1.5}\) = 722 Simple interest of 3 years = 722 × 3 = 2166 Amount = Principal + Simple Interest 9766 = Principal + 2166 Principal = 7600 We know , Simple Interest = \(\frac{Principal ×Rate × Time }{100}\) 722 = \(\frac{7600 ×R × 1 }{100}\) R = 9.5% |