Question

Find the rate per cent per annum if :
$Rs425$ yields $Rs238$ interest in $8$ years.

Answer 1

Given that,

$P=Rs.425$

$R=R$% p.a

$S.I=Rs.238$

$T=8years$

$\because S.I=\frac{PTR}{100}$

$⟹238=\frac{425\times 8\times R}{100}$

$⟹238=34R$

$⟹R=\frac{238}{34}$

$⟹R=7$

$\therefore Rate=7$% p.a.