Question

A sum of money lent out simple interest amounts to $2880 in 2 years and to $3600 in 5 years.Find the sum of money and the rate of interest​

Answer 1

Answer:

Step-by-step explanation:rate is 10%

3600-2880=720

720 is SI  for 3 years so SI for 1 year =720/3=240

now 2880 is amount after 2 years

so Sum before 2 years will be 2880-240-240=2400

ans SI is 240 for each year as SI remains same for each consecutive years.

rate is (240/2400)*100=10