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Question

Fill in the blanks to make the statement true:

The _________ of interest on a sum of 2000 at the rate of 6% per annum for 112 years and 2 years is 420.


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Solution

Evaluate the total interest rate

Given, principal amount P=2000

and, rate of interest R=6%

As we know that, I=P×R×T100

If time (T) is 112 years, then interest will 2000×6×32100=180

If time (T) is 2 years, then interest will be 2000×6×2100=240

As the total interest is given as 420, so if we “sum” 180 and 240, the result will be 420

Therefore, the “sum” of interests is 420.


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