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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


Team Careers360 17th Jan, 2024
Answer (1)
Team Careers360 21st Jan, 2024

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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