Discussion

A certain sum becomes Rs. 20720 in four years and 24080 in six years at simple interest. Find sum and rate of interest?

Answer: B

Let the interest for one year be x.

As amount = Principal + Interest, we have

P + 4x = 20720 --- (1) ; P + 6x = 24080 --- (2)

Solving the equations (1) and (2), we can get

P = Rs. 14000 and x = Rs. 1680

Interest for one year on Rs. 14000 is Rs. 1680

So, R = (100 * 1680)/(14000 * 1) = 12% p.a.

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