If a certain sum amounts to ₹515 in 3 years and to ₹530 in 6 years, find sum and rate of interest.
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7th
Maths
Comparing Quantities
Simple Interest
A certain sum amounts to Rs...
MATHS
A certain sum amounts to Rs.3,825 in 4 years and to Rs.4,050 in 6 years. Find the rate percent and the sum.
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ANSWER
We know that,
Amount,A=P+
100
PNR
For the first situation,
3,825=P+
100
P×4×R
=>3,825=P+
100
4PR
--- (1)
And for the second situation,
4,050=P+
100
P×6×R
=>4,050=P+
100
6PR
--- (2)
Now, subtracting eqn 1 from 2, we get
225=
100
2PR
=>PR=11,250
Putting the value of PR in equation 1, we get
=>3,825=P+
100
4×11,250
=>3,825=P+
100
4×11,250
=>3,825=P+450
=>P=3,375
And since PR=11,250
=>R=
3,375
11,250
=3
3
1
%
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Answer:
1%
Step-by-step explanation:
We know that,
(1) Interest = Principal × Rate of interest × Time
(2) Amount = Principal + Interest
Let principal = Rs x
For amount = Rs 515,
Using (2), we get:
Interest = 515 - x
Using (1), we get:
Rate of interest = ( 515 − x )/ 3 x
Similarly, for amount = Rs 530,
Rate of interest = ( 530 − x )/ 6 x
Equating both the rates of interest we have,
x = 500
Hence, rate of interest =
15 /500 × 3
= 1 /100
= 1%