Question

A sum of money lent out at simple interest amounts to ₹2200 in one year and to ₹2800 in 4 years. Find the sum of money and rate of interest.​

Answer 1

Step-by-step explanation:

Let the Principal be P

So as per conditions after 4 years: P+(P*R*4/100)=2800

As per 2nd condition P+(P*R*1/100)=2200

Subtract 2equation from 1

3P*R/100=600

P*R=20000

Put the value of P*R in equation 1

P+(20000*4/100)=2800 =>P=2000

R=10%