A certain sum of money

A certain sum of money amounts to Rs 1008 in 2 years and to Rs 1164 in 3 ½ years. Find the sum and the rate of interest.

A) 800, 14% B) 800, 13%
C) 800, 12% D) 800, 19%

 

A certain sum of money

Answer: B) 800, 13%

Explanation:

S.I. for 1 ½ years = Rs (1164 – 1008) = Rs 156 .

S.I. for 2 years = Rs (156 x 23 x 2)= Rs 208.

Therefore, Principal = Rs (1008 – 208) = Rs 800.

Now, P = 800, T= 2 and S.I. = 208.

Therefore, Rate = (100 x S.I.) / (P x T) = [ (100 x 208)/(800 x 2)]% = 13%

Subject: Simple Interest – Quantitative Aptitude – Arithmetic Ability
Exam Prep: GRE

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Megha Chandrashekar is a former Special Education Assistant who now spends her days running after her toddlers, all the while pursuing a freelance writing career
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