If the interest on a sum of Rs 500 is equal to Rs 500 in ten years . What is the rate of interest? - Find 6 Answers & Solutions

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Mathematics

Question: If the interest on a sum of Rs 500 is equal to Rs 500 in ten years . What is the rate of interest?

Posted by: Priya on: 24 Dec, 2019

6 Answers by Expert Tutors

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Answer

We know, SI = PxRXT/100 .

But here, Si = P and T = 10 yrs.

So, 10R/100 = 1.

Hence, R = 100/10 % = 10% p.a.

Ans. Rate of interest = 10% p.a.

Answer by:

S.chandra, Kolkata

Answer

If the interest is simple interest then the rate of interest should be 10%.The formula is SI=PTR/100.where P is principal(500),T is no of years(10) and RI is rate of interest. SI is given as 500.

Answer by:

Susanta Mukherjee, Kolkata

Answer

The question belongs to simple interest (S.I). The direct formula applicable here is

S.I= (P*R*T)/100 - (1)

Principal(P)= Rs. 500, S.I= Rs. 500, Time(T)= 10 years, Rate of interest (R) %=?

putting all the values in eqn. (1), we get

500= (500*R*10)/100 ,

on sloving,

R=10%

Answer by:

Priyanka Pant, Faridabad

Answer

for simple intres ormula is

A =P(1+R/100*T). here P is 500. A is 500 + 500 =1000.T is 10 Time in years. By this equation R ( rate of interest ) comes 10. hence answer is 10%.

For compount intrest formula is

A = P(1+R/100)^10

1000=500(1+R/100)^10.

solving you will get approximate R = 7.18%

Answer by:

Hari Prakash, Bangalore

Answer

If we assume that rate is calculated at simple interest then given that principle is 500 simple interest is 500 time is 10 years so by using formula S.I =(P×R×T)÷100 500=(500×R×10)÷100 500=50R R=500÷50 R=10% Answer.

Answer by:

Ranjan Singh, Delhi

Answer

Answer:

The question is answered in 2 scenarios.One with simple interest and the other with compound interest.

Simple Interest: Let the sum of Rs 500/- be lent on simple interest

Then principal =Rs 500.00

Time = 10 years

Total interest earned in 10 years=Rs 500.00

Therefore simple interest earned on Rs 500 in one year=500/10= Rs 50.00

Hence rate of interest =(50/500)x 100= 10%

Compound interest: Let the amount be lent at a compound interest of r% per annum,

with interest added to the principal at the end of every year. If P is the principal ,n is the period

in years and A is the total amount payable(Principal+interest) then

A=P(1+r/100)^n

Here P= Rs 500.00,n= 10 years and A= Principal+Interest= 500+500=Rs 1000.00

Therefore 1000= 500(1+r/100)^10

That is (1+r/100)^10= 1000/500=2

Hence 1+r/100= 2^1/10 =2^0.1 =1.07177

Hence r= Rate of Interest= (1.07177-1)*100= 7.177 or 7.18%

Answer by:

Rajamani Ganesan, Vadodara

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