At what rate of interest will ₹ 7000 amount to ₹ 10080 in 2 years if compounded annually?

Solution:

Let us assume the rate of interest to be R.

Let us use the formula for simple interest.

So, Simple Interest = [Principal × Rate × Time] / 100

Here Simple interest , Time and Principal is given as Rs. 280, 2 years and Rs. 56000 respectively.

On substituting the above values we get,

⇒ 280 = [56000 × R × 2] / 100

⇒ R = [280 × 100] / 56000 × 2

= 0.25%

So, the rate of interest is 0.25%

☛ Check: NCERT Solutions for Class 7 Maths Chapter 8

Video Solution:

What rate gives ₹280 as interest on a sum of ₹56,000 in 2 years?

Class 7 Maths NCERT Solutions Chapter 8 Exercise 8.3 Question 10

Summary:

The rate of interest for ₹280 as interest on a sum of Rs 56,000 in 2 years is 0.25%.

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Solution

Given: Principal (P)=Rs. 9000

Rate (R)=10% per annum

Time (n)=2 years 4 months

=213 years [∵1 year =12 months]

Amount for 2 years

∴ Amount (A)=P(1+R100)n

=Rs.9000 (1+10100)2

=Rs. 9000×1110×1110

=Rs.10890

For the next 13 years, Principal = Amount for 2 years =Rs.10890.

Interest for 13 years =P×R×n100

=(10890×10×13100)

=Rs.363

So, the total Amount for 213 years =Rs. 10890+363=Rs.11253

∴C.I.=A−P=Rs. 11253−Rs.9000

=Rs.2253