Question : A sum of money at simple interest amounts to INR 800 in 3 years and to INR 900 in 4 years. The sum is:
Option 1: INR 800
Option 2: INR 600
Option 3: INR 500
Option 4: INR 700
Correct Answer: INR 500
Solution :
Amount for 3 years = INR 800
Amount for 4 years = INR 900
Simple interest = Amount – Principal
$\therefore$ Simple interest for third year = 900 – 800 = INR 100
Total simple interest for 3 years = 100 × 3 = INR 300
$\therefore$ Principal sum = 800 – 300 = INR 500
Hence, the correct answer is INR 500.
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