A certain sum amounts to ₹4,620
A certain sum amounts to ₹4,620 after two years at a certain rate of simple interest and to ₹4,725 after two and a half years at the same rate. Find the annual percentage rate.
एक निश्चित राशि साधारण ब्याज की एक निश्चित दर पर दो वर्ष बाद ₹4,620 हो जाती है और समान दर पर ढाई वर्ष बाद ₹4,725 हो जाती है। वार्षिक प्रतिशत दर ज्ञात कीजिए।
Detailed Solution & Logic
Correct Answer:
5%
Amount after 2 years = 4620
Amount after 2.5 years = 4725
Interest for 0.5 year = 4725 - 4620 = 105
Interest for 1 year = $ 105 \times 2 = 210 $
Interest for 2 years = $ 210 \times 2 = 420 $
Principal P = 4620 - 420 = 4200
Rate R = $ \frac{\text{SI} \times 100}{P \times T} $
$ = \frac{420 \times 100}{4200 \times 2} $
Answer: 5%
Similar Practice Questions
A certain sum of money is given at a certain rate of simple interest for 6 years.
A certain sum of money is given at a certain rate of simple interest for...
A sum of money doubles itself at compound interest in 15 years. In how many years will it become eight times?
A sum of money doubles itself at compound interest in 15 years. In how many...
A sum of money becomes \(\frac{7}{6}\) of itself in 3 years at a certain rate of simple interest. What is the rate per annum?
A sum of money becomes \(\frac{7}{6}\) of itself in 3 years at a certain rate...
Rodney has two grandsons Amit and Gopal. 11 year old Amit gets some money from Rodney’s wealth and 12 year old Gopal gets rest of the money.
Rodney has two grandsons Amit and Gopal. 11 year old Amit gets some money from...
When difference between compound
When difference between compound and simple interest for three years is ₹228 at 4% interest...
Sapna invested ₹20,900 on simple interest, partly at 9% per annum and partly at 13% per annum. If she earns equal interests from the two investments after 3 years, then find the sum invested at 9% per annum (in ₹).
Sapna invested ₹20,900 on simple interest, partly at 9% per annum and partly at 13%...
An amount becomes double in 7 years on simple interest. The amount would be four times in ______ years on the same rate of simple interest.
An amount becomes double in 7 years on simple interest. The amount would be four...