A certain sum amounts to $2200 in 2 years to $2800 in 4 years at simple interest. Find the sum and the rate per cent per annum
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P=1600
R=18.75%
Step-by-step explanation:Given:
In 2 years Amount= 2200.........................(1)
In 4 years Amount =2800.........................(2)
To find:
Sum and rate percent
Let the sum =P
Rate percent = R%
from equation 1 and 2 we can say that simple interest in 2 years= 600
hence P+600=2200
∴ P=1600
we know that SI=P*R*T/100
600=1600*R*2/100
R=18.75%
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