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Question
In simple interest, a sum of money amounts to ₹ 6,200 in 2 years and ₹ 6,800 in 3 years. Find the principal and rate of interest.
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Solution
Let the principal P = ₹ 100
If A = ₹ 6200
⇒ Principal + Interest for 2 years = 6200
A = ₹ 7400
⇒ Principal + Interest for 3 years = 7400
∴ Difference gives the Interest for 1 year
∴ Interest for 1 year = 7400 – 6200
I = 1200
`"Pnr"/100` = 1200
⇒ `("P" xx 1 xx "r")/100` = 1200
If the Principal = 10,000 then
`(10,000 xx 1 xx "r")/100` = 1200
⇒ r = 12%
Rate of interest = 12% per month
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