A sum of money becomes Rs. 20925 in 2 years and Rs. 24412.50 in 5 yea…

Question

A sum of money becomes Rs. 20925 in 2 years and Rs. 24412.50 in 5 years. Find the rate of interest and the sum of money.

Accepted Answer

Option A. 6.25%, Rs. 18600. Answer & Solution Answer: Option A Solution: & S .I . for 3 years & = Rs . ( 24412.50 - 20925 ) & = Rs . 3487.50 & S .I . for 2 years & = Rs . ( 3487.503 × 2 ) & = Rs . 2325 & Principal & = Rs . ( 20925 - 2325 ) & = Rs . 18600 & Hence, & rate = ( 100 - 232518600 × 2 )\% & = 6.25…