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A sum of money lent at simple interest amounts to Rs 1008 in 2 years and to 1112 in 3 years Find the sum and the rate of interest.

Solution:
Your problem `->` A sum of money lent at simple interest amounts to Rs 1008 in 2 years and to 1112 in 3 years Find the sum and the rate of interest.


Principal + Interest for `3` years = `1112`

Principal + Interest for `2` years = `1008`

`=>` Interest for `1` year = `1112 - 1008 = 104`

`=>` Interest for `2` years = `2 * 104 = 208`

Now, Principal + Interest for `2` years = `1008`

`=>` Principal + `208 = 1008`

`=>` Principal = `1008 - 208 = 800`

`SI = (P*R*N)/100`

`R = (SI*100) / (P*N) = ( 208 * 100 ) / ( 800 * 2 ) = 13`

The Sum of money is Rs. `800` and the rate of interest is `13` %






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