Question : A sum becomes Rs. 14,400 in 3 years and Rs. 15,500 in 4 years at simple interest. Find the sum.
Option 1: Rs. 11,100
Option 2: Rs. 10,000
Option 3: Rs. 10,080
Option 4: Rs. 20,000
Correct Answer: Rs. 11,100
Solution :
The difference in the amounts after 3 years and 4 years gives the simple interest for 1 year = Rs. 15,500 – Rs. 14,400 = Rs. 1100
Now, the interest for 3 years = (1100 × 3) = Rs. 3300
So, the sum = 14,400 – 3300 = Rs. 11,100
Hence, the correct answer is Rs. 11,100.
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