A Certain Sum of Money Amounts to Rs. 1,008 in 2 Years and to Rs. 1, 164 in 3 1/2 Years. Find the Sum and the Rate of Interest. - Mathematics

MCQ

A certain sum of money amounts to Rs. 1,008 in 2 years and to Rs. 1, 164 in 3 1/2 years. Find the sum and the rate of interest.

Options

• Rs. 900 and 12%

• Rs. 800 and 12%

• Rs.700 and 13%

• Rs. 800 and 13%

Solution

Rs. 800 and 13%

Explanation:

₨.1008 in 2 years

₨.1164 in 3 1/2 years

SI on 1008 for 1 1/2 year = 1164 − 1008 = 156

SI for 1 year=156/3xx2=104

SI for 2 years = 208

Principal + SI = 1008

Principal in starting = 1008 − 208 = ₨. 800

Rate of interest=104/800xx100=13%

Concept: Simple and Compound Interest
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