A sum of money gives total amount rupees 9440 on simple interest in 3 years it will give amount of rupees 9800 if interest will be kept 25% more , the take out principle and interest rate.
Solution (By Examveda Team)
Principle Rs 8000Interest Rate = 6%
Let Principle be P and rate is R
Equation 1 = P + (P x 3 x R/100) = 9440
Equation 2 = P + (P x 3 x (R x 1.25)/100) = 9800
by solving these equation we get
P = 8000
R = 6
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