Question
Download Solution PDFA sum of money at a fixed rate of simple interest amounts to Rs. 1,630 in 3 years and to Rs. 1,708 in 4 years. Find the sum (in Rs.).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven :
Sum of money at a fixed rate of simple interest amounts to Rs. 1,630 in 3 years and to Rs. 1,708 in 4 years.
Formula Used :
A = P + SI
Calculation :
⇒ 1630 = P + 3SI -------(1)
⇒ 1708 = P + 4SI --------(2)
Subtracting eq(2) from eq(1) :
⇒ 78 = SI
Now, Putting value of SI in eq(2) :
⇒ 1708 = P + 4 × 78
⇒ P = 1708 - 312
⇒ P = 1396
∴ The correct answer is 1396.
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