Question

Find the sum and rate of interest if it amonts to 7200 in 5 years nd 8064 in 8 years

Answer 1

Answer:

Principle = 5760; Rate = 5%

Step-by-step explanation:

Amount after 5 yrs = 7,200

Amount after 8 Yrs = 8,064

Hence Interest for 3 yrs (8 - 5) = 8064 - 7200 = 864

Interest for 1 yr = 864/3 = 288

Interest for 5 yrs will be 288 * 5 = 1440

Hence the principle is 7200 - 1440 = 5760

Rate of Interest is (100 * 1440) / (5760 * 5) = 5