Q) A CERTAIN SUM OF MONEY AMOUNTS TO RS 7535 IN 3 YEARS, AND TO RS 8905 IN 5 YEARS. FIND THE RATE OF SIMPLE INTEREST AND THE SUM.
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A certain sum amounts to Rs.7350 in 2 years and to Rs.8575 in 3 years.find the sum and rate percent?
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Ranjan Karnad
, former Retired Banker (1972-2000)
Answered 1 year ago · Author has 4.8K answers and 1.3M answer views
Assuming it is simple interest
8375 -7350 = Rs1225
Sum = 7350 - 1225 -1225 = Rs 4900 ANSWER
Rate = 1225/4900 x100 = 25% ANSWER
Assuming it is compound interest
Rate = 1225/7350 x 100 = 16.67%
7350 = P ( 1+ 16.67/100)^2
P = RS 5400 ANSWER
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