A sum of money lent out at simple interest amounts to 2200 in one year and 2800 in four years find the sum of money and rate of interest
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Principle or sum of money 200 n
rate 10%
Step-by-step explanation:
Amount in 1 yr= 2200
4 yr= 2800
difference in amount
= 2800- 2200= 600
difference in year
= 3 yr
then S.I= 600/ 3= 200
Principle = Amount- S.I
= 2200- 200= 2000
to find rate = p× r× t/ 100
2000× r× 1
200 =-------------
100
200× 100
r =------------= 10%
2000
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