A sum of money at a fixed rate of simple interest amounts to ₹1,630 in 3 years and ₹1,708 in 4 years. Find the sum (in ₹).
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 1396
Given that
Amount = Rs. 1630 in 3 years
Amount = Rs. 1708 in 4 years
Formula used
S.I = PRT/100
Amount = P + S.I
Where, P = Sum , R = Rate of interest, T = Time, S.I = Simple Interest
S.I. for 1 year = 1708 - 1630 = Rs. 78
S.I for 3 year = 78 × 3 = Rs. 234
P = 1630 - 234 = Rs. 1396