Question

A certain sum of money amounts to Rs.6960 in 2 years and to Rs.8400 in 5 years .Find the sum and rate of interest.

Answer 1

Answer:

The Principal sum is 6000 and rate of interest is 8%

Step-by-step explanation:

As per the given data we have to find the sum and rate of interest

As we know,

sum of money amounts to Rs.6960 in 2 years

sum of money amounts to Rs.8400 in 5 years

Principal + (2 years of interest) = 6960 ..........(1)

Principal + (5 years of interest) = 8400 ............(2)

Subtracting (1) from (2)

So, Interest for 3 years = $8400-6960 = 1440$

So, The interest for 1 year = $\frac{1440}{3} =480$

So, Interest for 2 years = $480\times 2 = 960$

So, Principal amount = $6960 - 960 = 6000$

T = 1,

So, Rate of Interest = $\frac{100\times I}{P\times T} = \frac{100\times 480}{6000\times 1} = 8%$ = 8%

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Answer 2

Answer:

The principal amount is $6,000, and the interest rate is 8%.

Step-by-step explanation:

The interest rate is the amount charged by the lender to the borrower in addition to the principal amount. In terms of the receiver, a person who deposits money in any bank or financial institution earns extra money due to the time value of money, which is referred to as interest received by the depositor.

We must compute the sum and rate of interest based on the data provided.

As we all know,

In two years, the sum totals Rs.6960.

In 5 years, the sum totals Rs.8400.

6960 (principal plus two years of interest) (1)

8400 (principal plus interest over 5 years) (2)

Taking (1) away from (2)

So, interest for three years equals 8400-6960=1440.

Thus, the annual interest rate is 1440/3=480.

So, the interest for two years is 480*2=960.

As a result, the principal amount is 6960-960=6000.

T = 1,

So the interest rate is 8%.

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