Question

A certain sum of money amounts to Rs. 1008 in 2 years and to Rs. 1164 in 3.5 years. Find the sum and the rate of interest.

Answer 1

Simple interest for 1 and half years = Rs ( 1164 – 1008 ) = 156
Simple interest = 156 x 2/3 x 2           
                      = 52 x 2 x 2                       
          = 104 x 2                             
    = 208
P = (1008 – 208 ) = Rs 800
Rate  ( R ) = ( 100 x S.I ) / (Principal x Time )
( 100 x 208 ) / 800 x 2 = 13 %