Question 70

A sum of money amounts to 2,240 at 4% per annum simple interest in 3 years the interest on the same sum for 6 months at 3$$\frac{1}{2}$$% per annum

Solution

Given, a sum of money amounts to 2,240 at 4% per annum simple interest in 3 years. Then

$$\frac{3 \times 4 \times P}{100} = 2240 - P$$

$$3 \times P = 25 (2240 - P)$$

$$28P = 25 \times 2240$$

$$P = 2000$$

Interest received on 2000 in 6 months at 3$$\frac{1}{2}% per annum is

S.I = $$\frac{2000 \times 7}{2 \times 2 \times 100}$$

S.I = $$35$$

Hence, option C is the correct answer.

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