Question
Download Solution PDFA certain sum amounts to ₹3,640 in 2 years and ₹4,060 in 8 years at simple interest. Find the approximate rate percentage per annum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount after 2 years = Rs 3,640
Amount after 8 years = Rs. 4,060
Calculations:
Simple interest of 6 years
= Amount after 8 years - Amount after 2 years
= Rs.(4060 - 3640)
= Rs.420
= Interest in 1 year = 420/6 = 70
Principal
= Amount after 2 years - interest in 2 years
= 3640 - 140
= Rs.3500
Interest of 1 year = 420/6 = Rs.70
Rate = 70 × 100/3500 = 2%
Hence, The Required value is 2%.
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