if ₹250 amounts to ₹285 in 2 years, find the rate percent per annum.
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Use the formula given here. Plug in what you know and then solve for R.
Please help me
How to do this
To find the rate percent per annum, we can use the formula:
Rate percent per annum = ((Total amount - Principal) / Principal) × (100 / Time)
Given that ₹250 amounts to ₹285 in 2 years, we can substitute the values into the formula:
Principal = ₹250
Total amount = ₹285
Time = 2 years
Rate percent per annum = ((285 - 250) / 250) × (100 / 2)
Rate percent per annum = (35 / 250) × 50
Rate percent per annum = 0.14 × 50
Therefore, the rate percent per annum is 7%.