Question

A certain sum of money becomes $693 in 2years and becomes $836 in 4 years under a simple interest per annum. determine the sum and rate of interest

Answer 1

Answer:

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Answer 2

Explanation:

Given A certain sum of money becomes $693 in 2 years and becomes $836 in 4 years under a simple interest per annum. determine the sum and rate of interest

• Amount in 2 years will be $ 693
• Amount in 4 years will be $836
• So interest for 2 years will be $ 836 - $ 693 = $ 143
• So interest for 2 years will be 143 / 2 x 2 = $ 143
• Now interest for 1 year will be 143 / 2 = $ 71.5
• Therefore Principal = Amount – Interest
•                                  = 693 – 143
•                                 = $ 550
• Now Rate of interest = 71.5 x 100 / 550 x 1
•                                  = 13% p.a.

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