Question

A certain sum of money amounts to Rs.8,880 in 6 years and Rs.7,920 in 4 years.Then the rate percent is

Answer 1

Let the principal amount be rupees 'x'
and rate of interest be 'y'.
We know that,
interest=I=PRT/100
Interest in six years=6xy/100

Interest in four years=4xy/100

Total amount=principal amount + interest
As per given condition we have,
8880=x+6xy/100......................................1

7920=x+4xy/100......................................2
By eq1-eq2 we have,
960=2xy/100

96000=2xy

48000/y=x.................................................3
By putting eq3 in eq1 we get,
8880=48000/y+{6(48000/y)y}/100

8880=48000y+288000/100

8880=(4800000y+288000y)/100y

888000y=4800000+288000y

600000y=4800000

y=8.................................................................4
By putting eq4 in eq3 we get,
x=6000


Hence,
principal amount=rupees 6000
and rate of interest=rupees 8

Answer 2

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