Question 142
The simple interest accrued on an amount of Rs. 10,530 at the end of 5 years is Rs. 6,318. What is the rate of interest p.c.p.a. ?
Solution
Principal amount = Rs. 10,530
Let rate of interest = $$r$$ %
=> Simple interest = $$\frac{10530 \times r \times 5}{100} = 6318$$
=> $$r = \frac{6318 \times 100}{10530 \times 5}$$
=> $$r = 12$$ %
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