The difference of simple interest on a sum of money for 8 years and 10 years is Rs.200. If the rate of interest is 10% p.a, then what is the sum of money?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e Rs,1,000
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Understanding |
Application |
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Calculate difference of Simple Interest for 10 years and 8 years. Simple Interest = (Principle× Rate× Time)/100 |
SI10- SI8= (P×R×T1)/100 - (P×R×T2)/100 200= (P×10×10)/100 - (P×10×8)/100 200= (100P- 80P)/100 20P= 200× 100 P= 1000 |