Q.At the same rate of simple interest, a certain principal amounts to ₹1056 in 4 years and ₹1248 in 7 years. Find the rate of interest and the principal.

(7 - 4) years = 3 years Interest earned in 3 years = ₹1248 - ₹1056 = ₹192 ∴ Interest earned in 1 year = ₹192 ÷ 3 = ₹64 ∴ Interest earned in 4 years = ₹64 × 4 = ₹256 ∴ Principal amount = ₹1056 - ₹256 = ₹800 Rate of interest = \(\frac{100 \times 256}{4 \times 800}\%\) = 8% ∴ The rate of interest is 8% and the principal amount is ₹800.
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