wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Match the rate of interest for each of the Final amount when $1000 is invested for 1 year in a bank.

A
8%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
5%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
18%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
25%
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

You know,
Simple interest (SI) =P × R × T100
where,
Principal amount invested = P
Rate of interest provided = R
Time period = T

In first case,
Amount received at end of 1 year (A) = $1080
∴ Interest amount:
= AP=$1080$1000=$80

Now, find what percentage of $1000 is $80.
You can write this as:
Amount ($) Percentage (%)
1000 100
80 ?
= 100 × 801000
= 8%

So, the rate of interest given by the bank will be 8%.

In second case,
Amount received at end of 1 year (A) = $1050
∴ Interest amount:
= AP=$1050$1000=$50

Now, find what percentage of $1000 is $50.
You can write this as:
Amount ($) Percentage (%)
1000 100
50 ?
= 100 × 501000
= 5%

So, the rate of interest given by the bank will be 5%.

In third case,
Amount received at end of 1 year (A) = $1180
∴ Interest amount:
= AP=$1180$1000=$180

Now, find what percentage of $1000 is $180.
You can write this as:
Amount ($) Percentage (%)
1000 100
180 ?
= 100 × 1801000
= 18%

So, the rate of interest given by the bank will be 18%.

And, finally, in fourth case,
Amount received at end of 1 year (A) = $1250
∴ Interest amount:
= AP=$1250$1000=$250

Now, find what percentage of $1000 is $250.
You can write this as:
Amount ($) Percentage (%)
1000 100
250 ?
= 100 × 2501000
= 25%

So, the rate of interest given by the bank will be 25%.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Simple Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon