a sum of money lent out at simple interest amounts to ₹2200 in one year and ₹2800 in 4years. find the sum of money and the rate of interest
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Let the principle be P and rate of interest r.
For one year,
Time (t) = 1 year
rate of interest = r
principle = P
Simple interest (I₁) = A - P = 2200 - P
Amount = Rs. 2200
We know that,
For four year,
Time (t) = 4 year
rate of interest = r
principle = P
Simple interest (I₂) = A - P = 2800 - P
Amount = Rs.2800
We know that,
Comparing Eq. i) and ii)
For one year,
Time (t) = 1 year
rate of interest = r
principle = P
Simple interest (I₁) = A - P = 2200 - P
Amount = Rs. 2200
We know that,
For four year,
Time (t) = 4 year
rate of interest = r
principle = P
Simple interest (I₂) = A - P = 2800 - P
Amount = Rs.2800
We know that,
Comparing Eq. i) and ii)
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