Find the annual rate of interest. principal = 4600 rupees, period = 5 years, total amount = 6440 rupees, annual rate of interest = __%

The annual rate of interest per year is 8%

Solution:

Given:- Principal (p) = 4600 rupees, Time –Period (t) = 5 years, Total amount(A) = 6440 rupees

First we will calculate the Interest and then using formula of simple interest we will calculate the rate of interest

Interest = Amount – Principal

Interest = 6440  – 4600 = 1840

Now using the formula of simple Interest and on putting values we get,

Where "P" is the principal and "R" is the rate of interest per annum and "T" is the time period

Hence, the required rate of interest per year is 8%

step-by-step explanation:

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