Question

Karim deposited a sum of $Rs.9000$ in a bank. After $2$ years, he withdrew $Rs.4000$ and the end of $5$ years, he received $Rs.8300.$ Find the rate of interest on the sum he received.

Answer 1

Let rate be $r$% p.a

After two years,

$I=\frac{18000r}{100}=180r$

$\therefore$ after two years, $A=9000+180r$

after withdrawl $=P_2=5000+180r$

Total amount of be received after $5$ years

$=9000+\frac{9000\times 5\times r}{100}=450r+9000=4000+8300=12300$

$=9000+450r=12300$

$\Rightarrow r=\frac{3300}{450}=7.34$%

Hence, this is the answer.