Nadine had 20 minutes to do a three-problem quiz. She spent 10 7/10 minutes on question A and 6 2/5 minutes on question B. How m
1 answer:
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Solution :
Given :
Principal amount, P = Rs. 1000
Time period = 12 months
The maturity value = Rs. 12,715
We know that,
SI = 65 R
So we know,
maturity value = principal amount + SI
12715 = 1000 + 65 R
65 R = 12715 - 1000
65 R = 11715
R = 18%
So the rate is 18%