Discussion
A sum of money at simple interest amounts to Rs. 820 in 3 years and to Rs. 868 in 4 years. The sum is.
Answer: B
The sum is Rs. 676. At simple interest the amount grows by the same interest each year. The amount rose from Rs. 820 in 3 years to Rs. 868 in 4 years, so one year's interest is \[ 868 - 820 = 48 \] Three years' interest is \(3\times 48 = 144\), so the sum is \[ 820 - 144 = 676 \] Check: four years' interest is 192 and \(676 + 192 = 868\). The values 752, 356 and 520 do not satisfy both amounts.
Since the amount grows by 48 each year, the rate of interest is 48 / 676, about 7.1 percent per year.
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