a certain sum of money amount to rs.704/- in 2 years and rs 800/- in 5 years what was the principal
Answers
Answer:
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Given : A certain sum of money amounts to Rs 704 in 2 years and Rs 800 in 5 years.
To Find : principle
Solution:
Assuming Simple interest
SI = P * R * T /100
Principle = P
Rate of interest = R % per annum
=> P + P* R * 2 /100 = 704
P + P* R * 5 /100 = 800
=> 3PR/100 = 96
=> PR = 3200
P + P* R * 2 /100 = 704
=> P + 3200 x 2 /100 = 704
=> P = 704 - 64
=> P = 640
PR = 3200
=> 640 R = 320
=> R = 5 %
Principle = Rs 640
rate of interest per annum = 5 %
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