Question
A invests a sum at 8% simple interest. After 5 years the
amount becomes 1.4 times the principal. Find the rate of interest used.Solution
ATQ,
Amount = P(1 + rt/100) 1.4P = P(1 + 5r/100) 1.4 = 1 + 5r/100 0.4 = 5r/100 r = 8%
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