Question

compound interest on a sum of money at simple interest amounts to rs 1624 in 4 years and rs 1736 in 6 years . the rate of interest per annum is?

Answer 1

Since this is simple interest rate, we use the simple interest formulae :

P×R×T

Let principle=x

Then:

1624-x/4=1736-x/6

6(1624-x)=4(1736-x)

9744-6x=6944-4x

2x=2800

x=1400

Interest: 1624-1400=224

224/1400 ×100

0.16 ×100=16%

Answer 2

8% is your answer

Explanation:

1736-1624=112

112=interest

then

2 years left..

R=

112*100/1624*2

=8%