Question : A certain sum of money amounts to Rs. 2200 at 5% p.a. interest and Rs. 2320 at 8% p.a. interest in the same period. The period is:
Option 1: 3 years
Option 2: 4 years
Option 3: 5 years
Option 4: 2 years
Correct Answer: 2 years
Solution : Total amount at 8% interest = Rs. 2320 Total amount at 5% interest = Rs. 2200 Simple interest, Simple Interest, at (8 – 5=3)% = 2320 – 220 = 120 Simple Interest at 1% = $\frac{120}{3}$ = 40 ⇒ SI at 5% = 40 × 5 = 200 Sum, $P$ = Total amount – Simple interest ⇒ $P$ = 2200 – 200 = Rs. 2000 Simple Interest after $n$ years = $\frac{PnR}{100}$ ⇒ 200 = $\frac{2000×n×5}{100}$ ⇒ $n$ = 2 Hence, the correct answer is 2 years.
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Question : The simple interest on a sum of money for 3 years is Rs. 240 and the compound interest on the same sum at the same rate for 2 years is Rs. 170. The rate of interest is:
Option 1: $8$%
Option 2: $29\frac{1}{6}$%
Option 3: $12\frac{1}{2}$%
Option 4: $5\frac{5}{17}$%
Question : The discount on a certain sum of money, due at the end of $2\frac{1}{4}$ years at $2\frac{2}{3}$% p.a. is Rs. 78 find the sum.
Option 1: Rs. 1,278
Option 2: Rs. 1,300
Option 3: Rs. 1,378
Option 4: Rs. 1,400
Question : Sudeep invested $\frac{1}{8}$th of a certain sum at 5% p.a. for two years and $\frac{3}{5}$th of the sum at 6% p.a. for two years and the remaining at 10% p.a. for two years. If the total interest received is INR 1,674, then the total sum invested is:
Option 1: INR 13,000
Option 2: INR 12,000
Option 3: INR 10,500
Option 4: INR 12,500
Question : On a certain sum of money lent out at 16% p.a. the difference between the compound interest between 1 year, payable half-yearly and the simple interest for 1 year is Rs. 56. The sum is:
Option 1: Rs. 1080
Option 2: Rs. 7805
Option 3: Rs. 8750
Option 4: Rs. 5780
Question : A sum amounts to INR 7,656 in 4 years and to INR 8,120 in 5 years at a certain simple interest rate percent per annum. The rate of interest is:
Option 1: 4%
Option 2: 3%
Option 3: 7%
Option 4: 8%
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