At a certain rate of simple interest, a sum becomes ₹9,430 in 3 years and ₹11,070 in 7 years. Find the sum.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e ₹8,200.
Difference in amounts for 7 and 3 years = 11,070 − 9,430 = 1,640 over 4 years ⇒ yearly interest = 1,640 ÷ 4 = 410.
Interest for 3 years = 3 × 410 = 1,230
Sum (principal) = 9,430 − 1,230 = 8,200