Question 122

The simple interest obtained when a sum of money is invested for 4 years at 18% per annum is Rs. 427 more than the simple interest obtained if the same sum of money is invested for 2 years at 22% per annum What is the amount obtained when the same sum of money is invested for 4 years at 18% per annum ?

Solution

Let the principal = Rs. $$P$$

$$S.I. = \frac{P \times R \times T}{100}$$

Acc. to ques,

=> $$(\frac{P \times 18 \times 4}{100}) - (\frac{P \times 22 \times 2}{100}) = 427$$

=> $$\frac{72P}{100} - \frac{44P}{100} = 427$$

=> $$28P = 427 \times 100 = 42700$$

=> $$P = \frac{42700}{28} = 1525$$

Now, S.I. after 4 years at 18%

= $$\frac{1525 \times 18 \times 4}{100}$$

= $$61 \times 18 = 1098$$

$$\therefore$$ Required amount = 1098 + 1525

= Rs. 2,623

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