In a sale, normal prices are reduced by 20%. Andrew bought a saddle for his horse in the sale. The sale price of the saddle was
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<u>ANSWER: </u>
Rate per annum at which CI will amount from RS 2000 to RS 2315.35 in 3 years is 5%
<u>SOLUTION: </u>
Given,
P = RS 2000
C.I = RS 2315.35
T = 3 years
We need to find the rate per annum. i.e. R = ?
We know that,
When interest is compound Annually:
Where p = principal amount
r = rate of interest
n = number of years
R = 5%
Hence, rate per annum is 5 percent.