ramadhanirahma787
Answered

Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Ask your questions and receive precise answers from experienced professionals across different disciplines. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

A sum of 60, 000/=was lent at simple interest and at the end of1 year and 8 months the total amount was 70, 000/=determine the rate of interest per annum​

Sagot :

we know that a year has 12 months, so 1 year plus 8 more moths will be (12+8)/12 or 20/12 years, or 5/3 year.

[tex]~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\dotfill & \$70000\\\ P=\textit{original amount deposited}\dotfill & \$60000\\ r=rate\to r\%\to \frac{r}{100}\\ t=years\to \frac{20}{12}\dotfill &\frac{5}{3} \end{cases} \\\\\\ 70000=60000[1+(\frac{r}{100})(\frac{5}{3})]\implies \cfrac{70000}{60000}=1+(\frac{r}{100})(\frac{5}{3})[/tex]

[tex]\cfrac{7}{6}=1+\cfrac{5r}{300}\implies \cfrac{7}{6}=1+\cfrac{r}{60}\implies \cfrac{7}{6}-1=\cfrac{r}{60}\implies \cfrac{1}{6}=\cfrac{r}{60} \\\\\\ \cfrac{60}{6}=r\implies 10=r[/tex]

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.