Question 74

The sum of simple interest on a sum at 8% p.a. for 4 years and 8 years is ₹960. The sum is:

Solution

Let the Principal amount = P

Rate = 8%

Given, the sum of simple interest on P for 4 years and 8 years is ₹960

$$\Rightarrow$$ $$\frac{P\times4\times8}{100}+\frac{P\times8\times8}{100}=960$$

$$\Rightarrow$$ $$\frac{32P}{100}+\frac{64P}{100}=960$$

$$\Rightarrow$$ $$\frac{96P}{100}=960$$

$$\Rightarrow$$ P = 1000

$$\therefore\ $$The required sum = ₹1000

Hence, the correct answer is Option C

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