a certain sum amount to rupees 3120 in 3 years and to Rupees 4080 in 7 years. Find the rate % per annum
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The rate is 10% per annum.
Step-by-step explanation:
Time difference = 7yrs-3 yrs=4 yrs
Difference in amount is S.I for this 4 yrs.
S.I for 4 yrs= Rs. 4080-3120= Rs.960
S.I for 3 yr = (960/4) ×3=240×3=Rs.720
For 3 yrs.,
Amount= Rs.3120
Principle= Amount - S.I
= 3120-720=RS.2400
As we know,
S.I= (p×R×t) /100
R= (S.I ×100)/(p×t)
= (720 ×100)/( 2400×3)
= 72000/7200= 10 %
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