Question

A sum of certain rate present rate per annum simple interest becomes rs.2640 in two years and 3000 in 5 years . find the principal amount and rate of interest.​

Answer 1

Answer:

The Rate is 8.57 % p.a.

Step-by-step explanation:

According to question,

P+S.I for 2 years = Rs. 2640                             .... (eq 1)

P+S.I for 5 years = Rs. 3000                             .... (eq 2)

If we find the difference between eq 2 and eq 1, we get,

S.I for 3 years = Rs. 540

S.I for 1 yr = Rs. [540/3]

= Rs. 180

S.I for 5 years = Rs. [180*5]

= Rs. 900

Principal = Amount for 5 years - S.I for 5 years

= Rs. 3000-900

= Rs. 2100

Rate Of Interest = [S.I*100] / [P*T]

= [900*100] / [2100*5]

= 90000/10500

= 8.57 % p.a

Hope this helps.