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A certain sum of money amounts to Rs 1008 in 2 years and to Rs 1164 in 3 ½ years. Find the sum and the rate of interest.

A certain sum of money amounts to Rs 1008 in 2 years and to Rs 1164 in 3 ½ years. Find the sum and the rate of interest. Correct Answer 800, 13%

S.I. for 1 ½ years = Rs (1164 - 1008) = Rs 156 . 

S.I. for 2 years = Rs (156 x 23 x 2)= Rs 208. 

Therefore, Principal = Rs (1008 - 208) = Rs 800. 

Now, P = 800, T= 2 and S.I. = 208.

Therefore, Rate = (100 x S.I.) / (P x T) = [ (100 x 208)/(800 x 2)]% = 13%

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