The rate of interest on a sum of money is 4% per annum for the first 2 years, 6% per annum for the next 4 years and 8% per annum for the pe… — Answer & Discussion

The rate of interest on a sum of money is 4% per annum for the first 2 years, 6% per annum for the next 4 years and 8% per annum for the period beyond 6 years. If the simple interest accrued by the sum for a total period of 9 years is Rs. 1120, what is the sum?

A2240
B1860
C1380
D4620

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Discussion 1

CCommunity13 Jun 2019

S.I at the rate of 4% for 2 years

SI1 = (P × 4 × 2)/100 = 8P/100 ----(1)

S.I at the rate of 6% for next 4 years

SI2 = (P × 6 × 4)/100 = 24P/100 ----(2)

S.I at the rate of 8% for next 3 years

SI1 = (P × 8 × 3)/100 = 24P/100 ----(3)

∴ Total simple interest

⇒ S.I = SI1 + SI2 + SI3

⇒ S.I = 8P/100 + 24P/100 + 24P/100 = 56P/100

Now according to the question:

⇒ 56P/100 = 1120

⇒ P = 2000

Hence, the required sum is Rs. 2000