A sum of money amounts to Rs 1180 in 3 years and Rs 1300 in 5 years. Find the principal and rate of interest.
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Answer:
1000
Step-by-step explanation: Let money invested = P
Simple interest for 3 years = (1180 - P)
Simple interest for 5 years = (1300 - P)
Simple Interest, S.I. =
PRT
100
=> S.I. is directly proportional to T when P and R are constant
Therefore, (1180 - P) : (1300 - P) = 3 : 5
=> 5(1180 - P) = 3(1300 - P)
=> 5900 - 5P = 3900 - 3P
=> 2P = 2000
=> P = 1000
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