Question : A sum, when invested for 2 years at the rate of 10% per annum at simple interest, amounts to INR 4,800 on maturity. What is the sum invested?
Option 1: INR 3,600
Option 2: INR 4,000
Option 3: INR 3,500
Option 4: INR 4,200
Correct Answer: INR 4,000
Solution :
Amount = INR 4800
Time = 2 years
Rate = 10%
We know that,
Simple interest = amount – principal
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
So, $4800-\text{P}=\frac{\text{P × 10 × 2}}{100}$ [Let the principle be $\text{P}$]
⇒ $24000-\text{5P}=\text{P}$
⇒ $24000=\text{6P}$
⇒ $\text{P}=\frac{24000}{6}= 4000$
Hence, the correct answer is INR 4,000.
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