Answer:
The rate of interest is 6.5% per annum.
Step-by-step explanation:
As per given question we have provided that :
- [tex]\pink\star[/tex] Principle = Rs.7200
- [tex]\pink\star[/tex] Amount = Rs.9540
- [tex]\pink\star[/tex] Time = 5 years
Firstly, finding the interest by substituting the values in the formula :
[tex]\begin{gathered} \qquad\twoheadrightarrow{\sf{Interest = Amount - Principle }} \\ \\ \qquad\twoheadrightarrow{\sf{Interest = 9540 - 7200}} \\ \\ \qquad\twoheadrightarrow{\sf{\underline{\underline{Interest = Rs.2340}}}} \end{gathered}[/tex]
Hence, the interest is Rs.2340.
Now, calculating the rate of interest by substituting the values in the formula :
[tex]\begin{gathered} \quad{\implies{\sf{Interest = \dfrac{Principle \times Rate \times Time}{100}}}}\\\\\quad{\implies{\sf{2340= \dfrac{7200 \times Rate \times 5}{100}}}}\\\\\quad{\implies{\sf{2340= \dfrac{36000 \times Rate}{100}}}}\\\\\quad{\implies{\sf{Rate = 2340 \times \dfrac{100}{36000}}}}\\\\\quad{\implies{\sf{Rate =\dfrac{234000}{36000}}}}\\\\\quad{\implies{\sf{Rate =\dfrac{234\cancel{000}}{36\cancel{000}}}}}\\\\\quad{\implies{\sf{Rate =\dfrac{234}{36}}}}\\\\\quad{\implies{\sf{\underline{\underline{Rate =6.5 \%}}}}}\end{gathered}[/tex]
Hence, the rate of interest is 6.5% per annum.
[tex]\rule{300}{2.5}[/tex]
