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Given that the interest is only earned on principal, if an investment of RS.1000.00 amount to RS.1440.00 in two years, then what is the rate of interest earned?
Solution:
The rate of interest earned can be found using the formula:
I = Ptr/100
Where P is the principal, t is the time in years
r is the rate of interest, I is the interest earned
It is given that
I = 1440 - 1000 = 440
t = 2 years
r = ?
P = 1000
Substituting it in the formula, we get
440 = (1000 × 2 × r)/100
By further calculation,
440 = 2000r/100
44000 = 2000r
Divide both sides by 2000
r = 22
Therefore, the rate of interest is 22%.
Given that the interest is only earned on principal, if an investment of RS.1000.00 amount to RS.1440.00 in two years, then what is the rate of interest earned?
Summary:
Given that the interest is only earned on principal, if an investment of RS.1000.00 amount to RS.1440.00 in two years, then the rate of interest earned is 22%.
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