The simple interest on a certain sum of money | vedclass

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Question

(B) The formula for simple interest is $S.I = \frac{P 	imes N 	imes R}{100}$,where $P$ is the principal,$N$ is the time in years,and $R$ is the rate

Vedclass · Accepted Answer

$8$

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(B) The formula for simple interest is $S.I = \frac{P 	imes N 	imes R}{100}$,where $P$ is the principal,$N$ is the time in years,and $R$ is the rate of interest.Given: $S.I = ₹ 840$,$N = 8$ years,$R = 5 \%$.Substituting the values: $840 = \frac{P 	imes 8 	imes 5}{100}$.$840 = \frac{P 	imes 40}{100} \Rightarrow 840 = \frac{P}{2.5} \Rightarrow P = 840 	imes 2.5 = ₹ 2100$.Now,for the same principal $P = ₹ 2100$ and same interest $S.I = ₹ 840$,we need to find the new rate $R$ for $N = 5$ years.$840 = \frac{2100 	imes 5 	imes R}{100}$.$840 = 21 	imes 5 	imes R$.$840 = 105 	imes R$.$R = \frac{840}{105} = 8 \%$.Therefore,the required rate of interest is $8 \%$.

The simple interest on a certain sum of money at the rate of $5 \%$ per annum for $8$ years is ₹ $840$. What is the rate of interest per annum for which the same amount of interest can be received on the same sum after $5$ years (in $\%$)?

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