A certain sum of money amounts to Rs. 1008 in 2 years and to Rs.1164 in 3 ½ years. Find the sum and rate of interest.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e 208,13%
S.I. for 1½ years = Rs.(1164-1008) = Rs.156.
S.l. for 2 years = Rs.(156 × (2/3) × 2)=Rs.208
Principal = Rs. (1008 - 208) = Rs. 800.
Now, P = 800, T = 2, and S.l. = 208.
Rate = (100 × 208)/(800 × 2)% = 13