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​

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Katherine 5 months 2021-12-10T18:42:58+00:00 1 Answer 0 views 0

Answers ( )

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    2021-12-10T18:44:49+00:00

    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%

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