Question

Find the rate of interest when $Rs4942$ amounts to $Rs6245$ in $2years$.

Answer 1

$Step1:$Find the simple interest.

$$\begin{gathered} P=Rs4942 \\ A=Rs6245 \\ T=2years \\ SI=A-P=6245-4942=Rs1303 \end{gathered}$$

$Step2:$find the rate of interest.

$R=\frac{SI\times 100}{P\times T}=\frac{1303\times 100}{4942\times 2}=13.18\%$