Question : A certain sum becomes Rs. 1020 in 5 years and Rs. 1200 in 8 years at simple interest. What is the value of the principal?
Option 1: Rs. 820
Option 2: Rs. 780
Option 3: Rs. 700
Option 4: Rs. 720
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Correct Answer: Rs. 720
Solution :
Simple interest for 3 years = $1200 - 1020 = 180$ (or 60 for 1 year)
Then simple interest for 5 years = $60 \times 5 = 300$
The sum becomes 1020 in 5 years, hence, principal amount = $1020 - 300 = 720$
Hence, the correct answer is Rs. 720.
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