Question : A sum becomes INR 5400 in 4 years at the rate of 20% per annum on simple interest. What is the sum?
Option 1: INR 3000
Option 2: INR 2500
Option 3: INR 4000
Option 4: INR 2000
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Correct Answer: INR 3000
Solution : Rate, $R$ = 20% Term, $n$ = 4 Let $P$ be the principal. Amount = INR 5400 Simple interest = $5400 - P$ We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ $⇒5400 - P=\frac{P×20×4}{100}$ $⇒5400=\frac{4P}{5} + P$ $\therefore P=\frac{5400×5}{9} = 3000$ Hence, the correct answer is INR 3000.
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