A sum of money amounts to +52,080 in 2 years and to 377,280 in 7 years, at simple interest. Find the sum and rate percentage of interest.
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Answer:
Principal: ₹4200/-
Rate of interest @12%
Step-by-step explanation:
Given :
Principal + Interest for 7 years = ₹77280
Principlal + Interest for 2 years = 352080
Finding the Interest for 5 years :
Interest for 5 years =₹ (77280-52080) = ₹25200
Find the Interest for 2 years :
Interest for 1 years 5040
Interest for 2 years = (5040 x 2) = 10080
Finding the principal :
Principal = 52080 - Interest for 2 years = ?
₹(52080 - 10080 ) = ₹42000
Finding the rate percent :
Rate = (100 x Interest for 2 years)/(principal time) %
= (100 x 10080)/(42000 x 2) %
= 1008000/84000 %
= 12 %
Hence, Principal = ₹42000 Rate percent = 12 %.
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