Question

At a certain rate of simple interest, a certain sum of money amounts to 5440 in 3 years and 6400 in 5 years. Find the principal and the rate of interest.​

Answer 1

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Answer 2

Answer:

Let Rs P be the sum and R % be the rate of interest per annum.

Given,

Amount in 4 years = Rs. 5600

⇒P(1+4R100)=5600

Also, amount in 6 years =Rs. 6400

⇒P(1+6R100)=6400

(1)+(2) gives,

1+4R1001+6R100=56006400⇒100+4R100+6R=78

⇒8(100+4R)=7(100+6R)

⇒10R=100⇒R=10

On substituting R=10 in (1), we get,

P(1+40100)=5600⇒7P5=5600⇒P=4000

Hence, the requied sum is Rs. 4000 and the rate of interest is 10% per annum.