Question

A sum of money amounts to Rs 23,400 in 5 years and
to Rs.26, 640
in 8 years. Find the rate of interest
years​

Answer 1

Answer:

6%

P + SI for 5 years = 5200…………(I)

P + SI for 7 years = 5680…………(II)

On subtracting equation (I) from (II)

SI for 2 years = 480

∴ SI for 1 years = 240

∴ From equation (I),

P + 5  240 = 5200