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Question 54
On a certain sum, rate of interest per annum for the first two years is 4%. The rate of interest for next four years is 6% and for the next three years is 8%. If total simple interest earned at the end of 9 years is ₹ 1120, then the sum is:
Solution
Let the principle be P
For the first 2 years rate of interest is 4% and so total of 8% of P is collected in first 2 years
For the next 4 years rate of interest is 6% and so total of 24% of P is collected in next 4 years
For the next 3 years rate of interest is 8% and so total of 24% of P is collected in first 3 years
Total interest=(8+24+24)% of P
(56/100)*P=1120
P=2000
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