Question
At simple interest, a sum of money amounts to Rs 8,400
in 2 years and Rs 8,800 in 4 years. Find the rate of interest per annum.Solution
Let principal = P, yearly simple interest = I per year. In 2 years: Amount = P + 2I = 8,400 In 4 years: Amount = P + 4I = 8,800 Subtract the two equations: (P + 4I) − (P + 2I) = 8,800 − 8,400 2I = 400 ⇒ I = 200 per year Now from P + 2I = 8,400: P + 2 × 200 = 8,400 P + 400 = 8,400 P = 8,000 Rate R% per annum: I = (P × R × 1)/100 = PR/100 200 = (8,000 × R)/100 200 = 80R R = 200 / 80 = 2.5% p.a. Answer: Rate = 2.5% per annum.
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