at what rate percent per annum will 1625 amount to 2080 in 3 1/2years please tell fastly please Question at what rate percent per annum will 1625 amount to 2080 in 3 1/2years please tell fastly please in progress 0 Math Katherine 5 months 2021-12-10T18:42:58+00:00 2021-12-10T18:42:58+00:00 1 Answer 0 views 0
Answers ( )
Answer:
Rate = 8%
Explanation :-
Given :
Principle = 1625
Amount = 2080
Time = 3 1/2 = 7/2 years = 3.5
Finding Interest :-
Interest = Amount – Principal
Interest = 2080 – 1625
Interest = 455.
Finding Rate Percentage :-
Note : I = Interest, P = Principal, T = Time.
Rate percentage = (Ix100)/(PxT)
=> (455×100)/(1625×3.5)
=> 45500/5687.5
=> 8%
Hence, Rate Percentage = 8%