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Question 51
A sum of money amounts to Rs.9800 in 5 years and Rs.12005 in 8 years at the same rate of simple interest. What is the rate of interest?
Solution
SI for 3 years =Rs.(12005 - 9800) = Rs. 2205Â
SI for 5 years = $$\frac{2205}{3}\times 5$$ = Rs. 3675
principal = Rs.(9800-3675) = Rs.6125
hence,rate =$$\frac{100\times 3675}{6125\times 5}$$% = 12%
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