Question : A sum of money at simple interest amounts to INR 610 in 3 years and to INR 650 in 4 years. The sum is:
Option 1: INR 610
Option 2: INR 570
Option 3: INR 550
Option 4: INR 490
Correct Answer: INR 490
Solution :
Amount for 3 years = INR 610
Amount for 4 years = INR 650
Simple interest = Amount – Principal
Simple interest for third year = 650 – 610 = INR 40
Total simple interest for 3 years = 40 × 3 = INR 120
Principal sum = 610 – 120 = INR 490
Hence, the correct answer is INR 490.
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