At what rate percent per annum, simple interest will ₹66000 amount to ₹72720 in 2 years?

Given :

Principal $P = Rs. 66000$

Amount $A = Rs. 72720$

Time $T = 2$ years

To do :

We have to find the rate of interest.

Solution :

Let the rate percent be R.

We know that,

$Amount (A) = Principal (P) + Simple Interest (SI)$

$Simple Interest (SI) = Amount (A) - Principal (P)$

                                   $= Rs. (72720 - 66000)$

                                   $= Rs. 6720$

$$SI = \frac{PRT}{100}$$

Therefore,

$Rs. 6720 = \frac{(66000 \times R \times 2)}{100}$

$Rs. 6720 = 660 \times R \times 2$

$R = \frac{6720}{(660\times2)}$

$R = 5.09$

The rate percent is 5.09%. 

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Updated on: 10-Oct-2022

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