Question

If a sum amounts to be 912 in 2 years and 963 in 3.5 years then find out the rate of interest.

Answer 1

Solution :-

If a sum amounts to Rs. 912 in 2 years and Rs. 963 in 3 and half years.

so, in 1 and half year the total amount of interest = 963 - 912

= Rs. 51 

So, interest for 1 and half year is Rs. 51

Then, interest for 2 years = (51*2)/1.5

= Rs. 68

Interest for 2 years is Rs. 68

Now, after 2 years certain sum amounts to Rs. 912

Then, the principal amount before 2 years = 912 - 68

= Rs. 844

Simple Interest = (P*R*T)/100

⇒ 68 = (844*R*2)/100

⇒ 1688R = 68*100

⇒ R = 6800/1688

⇒ R = 4.02 % or 4 % (approximately)

Rate of interest is 4 %

Answer.