Question

A sum of money lent at simple interest amounts to ₹ 3224 in 2 years at a rate of 12 % per annum. Find the
sum.

Answer 1

Answer:

Amount in 5 years = (principal SI for 5 years) =Rs4160.

Amount in 2 years = (principal SI for 2 years) = 3224.

On subtracting we get :

SI for 3 years = Rs(4160−3224) = Rs936.

Or SI for 2 years = Rs(936x2/3) = Rs624.

Or sum = (amount for 2 years) - (SI for 2 years) = Rs(3224−624) = Rs2600.

Now, principal = 2600, SI=Rs624, time=2years.

Therefore, rate =(100xSI)/(PxT)= (100x624)/(2600x2)% =12%p.a.

Step-by-step explanation:

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