Question
At simple interest, a sum of Rs 8,000 amounts to Rs
9,600 in 3 years. Find the rate of interest per annum.Solution
Amount = 9,600, Principal = 8,000 Simple Interest (SI) = Amount − Principal = 9,600 − 8,000 = Rs 1,600 SI = (P × R × T)/100 1,600 = (8,000 × R × 3)/100 1,600 = 240R R = 1,600 / 240 = 20/3 = 6⅔% per annum Answer: 6⅔% p.a.
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