3 years ago

If the simple interest on a certain sum of money for 3 years is three-tenth of the sum,then find the rate of interest per annum

Mathematics

1 answer:

Natalija [7]3 years ago

6 0

9514 1404 393

Answer:

10%

Step-by-step explanation:

We assume the "sum" being referred to in both cases is the principal amount invested. The simple interest formula tells you ...

I = Prt . . . . . . interest on P invested at annual rate r for t years

We have ...

I = 0.3P
t = 3

Filling in these values, we get ...

0.3P = Pr(3)

0.1 = r . . . . . . . . divide by 3P

The interest rate is 0.1×100% = 10% per year.

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