Question : A sum of money at a fixed rate of simple interest amounts to INR 1630 in 3 years and to INR 1708 in 4 years. Find the sum (in INR).
Option 1: 1132
Option 2: 1296
Option 3: 1396
Option 4: 1448
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Correct Answer: 1396
Solution :
The difference in the amounts after 3 years and 4 years gives us the simple interest for 1 year.
The simple interest for 1 year is INR 1708 – INR 1630 = INR 78
Interest for 3 years = (78 × 3) = INR 234
The initial sum = INR 1630 – INR 234 = INR 1396
Hence, the correct answer is 1396.
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