The rate of interest on a certain sum of money at 10% for 5 years and 6 years is differing by Rs. 75. The sum is
1. Rs. 450
2. Rs. 750
3. Rs. 650
4. Rs. 550
1. Rs. 450
2. Rs. 750
3. Rs. 650
4. Rs. 550
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Correct Answer – Option 2 : Rs. 750
Given:
The rate of interest on certain sum of money at 10% for 5 years and 6 years is differing by Rs. 75
Formula used:
Simple interest = (P × R × T)/100
Amount = Principal + Interest
Calculation:
Interest for one year is Rs. 75 and we know that the simple interest is calculated on initial sum for each year
75 = (P × 10 × 1)/100
⇒ P = Rs. 750
∴ The sum is Rs. 750.