Question

A certain sum of money amounts to rupees 6200 in 4 years and 2 Rupees 7100 in 7 years. Find the sum and the rate of interest

Answer 1

difference between 7100-6200=900
i.e 900 for 3 years
7th year-4th year=3years
if 900 is the interest for 3 years then 1 year it will be 900/3=300
so for 7 years interest will be 300*7=2100
so deduct 7100-2100=5000
the principal amount is 5000
interest is 2100
for 7 years
now rate of interest will be 5000*x/100=300
it will be 6% rate of interest