Question : A sum of money at simple interest amounts to INR 1,200 in 3 years and INR 1,350 in 4 years. The sum is:
Option 1: INR 650
Option 2: INR 850
Option 3: INR 450
Option 4: INR 750
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Correct Answer: INR 750
Solution : Total amount at the end of 4th year = INR 1,350 Total amount at the end of 3rd year = INR 1,200 Simple Interest (SI), at (4 – 3) = 1 year ⇒ (1350 – 1200) = INR 150. ⇒ SI at the end of 1st year = 150 ⇒ SI at the end of 3rd year = 150 × 3 = 450 Sum (P) = total amount – SI ⇒ P = 1200 – 450 = 750 Hence, the correct answer is INR 750.
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