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Question 146
The simple interest accrued on an amount of Rs. 9,530/- at the end of 6 years is Rs. 2,859/-. What is the rate of interest p.c:p.a:?
Solution
Principal amount = Rs. 9,530
Let rate of interest = $$r$$ %
=> Simple interest = $$\frac{9530 \times r \times 6}{100} = 2859$$
=> $$r = \frac{2859 \times 100}{9530 \times 6}$$
=> $$r = 5$$ %
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