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A certain sum becomes Rs. 20720 in four years and 24080 in six years at simple interest. Find sum and rate of interest?
- ARs. 12000; 12% p.a.
- BRs. 14000; 12% p.a.
- CRs. 12000; 15% p.a.
- DRs. 14000; 15% p.a.
Correct answer: B
Discussion 1
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CCommunity
Rs. 14000; 12% p.a.
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.
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.