What is the rate of interest when principal is 20,000 and amount is 24,200 and time is 2 years

Dear student
Assuming  we have to calculate by  Simple interest methodGiven:Amount A=Rs 24,200Time T=2 yearsPrincipalP=Rs 20,000Rate of interest R=?We know that, Amount-Principal=Simple interestSo, Simple interest=Rs 24,200-Rs 20,000=Rs 4,200  ...1Also, Simple interest=PRT1004200=20000×R×21004200=400RR=212% or 10.5%
Regards

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Use amount formula of ci

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