in how many years does the sum of rs 2400 become rs 3600 at the rate of simple interest
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Answer:
Let the sum of money invested be Rs. x and interest rate per annum =r%
Then x(1+
100
r
)
3
= Rs. 2400........(i)
and x(1+
100
r
)
4
= Rs. 2520........(ii)
Dividing equation (ii) by (i), we get
(1+
100
r
)=
2400
2520
⇒
100
r
=
2400
2520−2400
=
2400
120
⇒r=
20
1
×100=5% p.a.
Step-by-step explanation:
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