Question
If Rs. 8,000 grows to Rs. 10,960 in 2 years at simple
interest, what is the yearly interest rate?Solution
ATQ,
Interest earned = 10,960 - 8,000 = Rs. 2,960
Simple interest = Principal Ă— rate Ă— time Ă· 100
So, 2,960 = 8,000 Ă— rate Ă— 2 Ă· 100
Or, 2,960 = 160 Ă— rate
Or, rate = 18.5
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