Question
The interest earned by Veer at SI is 24% of the sum
invested. If he had invested for 4 years more, then interest received is 150% more than that of earlier. What is the rate of interest?Solution
Let the sum invested be Rs. 100x. Simple interest received in later case = 24 × 2.5 = 60% Let 24% interest is received when he invested for ‘y’ years. => y = 24% => y + 4 = 60% => 4 years → 36% Required rate of interest = 9% per annum
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