Question

A sum of money amount to rs6200 in 2years and rs7400 in 3 years the principal and rate of interest are

Answer 1

Find the interest for 1 year:

Sum of money after 2 years = Rs 6200

Sum of money after 3 years = Rs 7400

Interest for 1 year = 7400 - 6200 = Rs 1200

Find the principal:

Interest for 1 year = Rs 1200

Interest for 2 years = 1200 x 2 = Rs 2400

Principal = 6200 - 2400 = Rs 3800

Find the interest rate:

Principal = Rs 3800

Interest = Rs 1200

Interest rate = 1200/3800 x 100 =31.58%

Answer: The principal amount is Rs 3800 and the interest is 31.58%