A certain sum of money lent at simple interest amounts to 9360 in 5/2 years and to 11,088 in 9/4 years. Find the sum and the rate of interest.
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Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.
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