Question

The CI on a sum of money for 2 years is 170 and SI on the sum at the same rate of interest for 3 years is ₹240 find the rate of interest per annum is

Answer 1

Answer:

The principal was $500.

Step-by-step explanation:

STEP 1: Convert interest rate of 2% per 6 months into rate per year.

rate per year = rate per 6 month⋅2=2%⋅2=4%

STEP 2: Convert 9 months into years.

9 months =912 years=0.75 years

STEP 3: Find principal by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this example I = $15, i = 4% and t = 0.75 years, so