find the sum of money and and rate of interst if a sum of money lent out at simple interst amounts to 3100 in 2 years and 4000 in 5 years
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Answer:
Step-by-step explanation:
Interest for 5 - 2 = 3 yrs
= 4000 - 3100 = ₹900
For 3 years ,Interest = ₹900
For 1 yr , interest = 900 / 3 = ₹300
For first 2 years interest
= 2 × 300 = ₹600
amount in 2 yrs = ₹3100
Sum p = amount - interest
= 3100 - 600 = ₹2500
interest = p × r × t/ 100
600 = 2500 × r × 2/ 100
r = 600 / 50 = 12%
Answer:
Sum = ₹2500, rate of interest = 12%
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