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Question 143
The simple interest accrued on a amount of Rs. 12,450 at the end of 6 years is Rs. 8,964. What is the rate of interest p.c.p.a. ?
Solution
Principal amount = Rs. 12,450
Let rate of interest = $$r$$ %
=> Simple interest = $$\frac{12450 \times r \times 6}{100} = 8964$$
=> $$r = \frac{8964 \times 100}{12450 \times 6}$$
=> $$r = 12$$%
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