Question 61

If a certain sum becomes Rs.20720 in 4 years and Rs.24080 in 6 years, find the sum and rate of Simple Interest.

Solution

SI for 2 years =Rs.(24080-20720) = Rs. 3360

SI for 4 years = $$\frac{3360}{2}\times 4$$ = Rs. 6720

principal = Rs.(20720-6720) = Rs.14000

hence,rate =$$\frac{100\times 6720}{14000\times 4}$$% = 12%

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