Question
A man puts Rs. 3,000 in a scheme and gets a simple interest
of Rs. 540 in 2 years and 4 months. What is the rate of interest per annum?Solution
ATQ,
Let the rate of interest = ‘y%’ p.a.
2 years and 4 months = 2 × 12 + 4 = 28 months
We have,
[3000 × y × (28/12)] ÷ 100 = 540
⇒ 70y = 540
⇒ y = 540 ÷ 70 = 7.71
So, rate of interest = 7.71%
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