A sum of money lent out at simple interest amounts to rupee 2200 in one year and rupees 2800 in 4 years. Find the sum of money and the rate of interest
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Let principal be x
Case 1: P=x A=2200, T=1 year, I=2200-x
Rate=(2200-x)100/x
Case 2: P=x A=2800 T=4 years I=2800-x
Rate=(2800-x)100/4x
Since rate is same in both cases, we equate the two equations
(2200-x)100/x=(2800-x)100/4x
x=2000
therefore
Rate=(2200-2000)100/2000
=10%
Hope This Helps :)
Case 1: P=x A=2200, T=1 year, I=2200-x
Rate=(2200-x)100/x
Case 2: P=x A=2800 T=4 years I=2800-x
Rate=(2800-x)100/4x
Since rate is same in both cases, we equate the two equations
(2200-x)100/x=(2800-x)100/4x
x=2000
therefore
Rate=(2200-2000)100/2000
=10%
Hope This Helps :)
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