A certain sum of money amounts to ₹ 1,008 in 2 years and to ₹ 1,164 in 3 ½ years. Find the sum and the…
The correct choice is: “₹ 800 and 13 %” Assuming simple interest: interest for the extra 1½ years = 1,164 − 1,008 = ₹ 156, so interest per year = 156 ÷ 1.5 = ₹ 104. Interest…
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A certain sum of money amounts to ₹ 1,008 in 2 years and to ₹ 1,164 in 3 ½ years. Find the sum and the rate of interest.
Answer and explanation
Correct answer D
The correct choice is: “₹ 800 and 13 %”
Assuming simple interest: interest for the extra 1½ years = 1,164 − 1,008 = ₹ 156, so interest per year = 156 ÷ 1.5 = ₹ 104. Interest for 2 years = ₹ 208, so the sum = 1,008 − 208 = ₹ 800. Rate = 104 ÷ 800 × 100 = 13% per annum.
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