Question

A sum of money lent out at simple interest amounts to rupees 2200 in 1 year and rupees 2800 in 4 years. Find the sum of money and the rate of interest.

Answer 1

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%

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