A certain sum amounts to 7200 in 3years an 8400 in 4 years. Find the sum and rate of interest
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Answer:
If Simple interest:
Let principal be P.
ATQ, Amount after 3 years =7200
Amount after 4 years = 8400
Interest for 1 year = 8400 - 7200 = 1200
Principal = 7200 - (1200*3) = 3600
Rate = SI * 100/ T*P
= 1200*100/3600*1
= 120000/3600
= 33.33%
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