A sum of money amounts to ₹9800 after 5 years and ₹12005 after 8 years at the same rate of interest . what will be the rate of interest ?
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Step-by-step explanation:
amount at 5 year = 9800
amount at 8 year = 12005
S.I. for 3 year = (12005-9800)
= 2205
S.I. for 1 year = 2205/3
= 735
S.I for 5 year = 735×5
= 3675
Principal of 5 year = ( amount of 5 year - S.I of 5 year )
= ( 9800-3675)
= 6125
RATE = 100 × S.I.
PRINCIPAL × TIME
= 100× 3675
6125 × 5
= 12 %
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