Simple Interest

Asked by  | 4th Sep, 2008, 08:43: PM

Expert Answer:

let the rate of interest be r%

let the initial sum be p

then 400 =  p*r*2/100  => r/100 = 400/2p

and 410  = p(1+r/100)2 - p

substitue r/100

410/p + 1 = (1 + 200/p)2   => p=4000

and r = 400*100/(2*4000) =5%

Answered by  | 11th Sep, 2008, 11:43: PM

Queries asked on Sunday & after 7pm from Monday to Saturday will be answered after 12pm the next working day.