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A sum of money invested under simple interest, amounts to $1,200 in th
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22 Nov 2023, 03:06
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A sum of money invested under simple interest, amounts to $1,200 in three years and $1,500 in five years. What is the rate at which the sum of money was invested?
Re: A sum of money invested under simple interest, amounts to $1,200 in th
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29 Nov 2023, 03:16
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The answer is C.
Amount after 5 years - Amount after 3 years = 1500 - 1200 = $300 --> interest per year = 300/2 = $150 --> Interest for 3 years = 150*3 = $450 --> investment at the beginning of 3 years = 1200 - 450 = $750
SI = PRT/100 --> 450 = 750*r*3/100 --> r = (450*100)/(750*3) = 20%