Question 1

Present sum of money amounts to Rs 800 in two years and to Rs 920 in three years, then the present sum of money is

Solution

Let us assume the present sum of money = M

In two years, the sum of money = 800

In another year (three years from beginning), the sum of money = 920

Therefore, in one year, the Interest of money added = Third year - 2nd year valuation = 920-800 = 120

Thus, the present sum of money = 800-2*120 = 560

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