NIACL Model Paper 6 with solutions for free online practice

Question : 46 of 100

Marks: +1, -0

A certain sum of money when invested in a scheme amounts to Rs. 5,600 in 5 years and Rs. 6560 in 8 years. The scheme offers simple interest per annum. What was the sum invested in the scheme ?

Rs. 4000
Rs. 4200
Rs. 4400
Rs. 3600
None of these

Validate

Solution:

(1) Principal + Interest = Amount
∴S.l. for 3 years = Rs. 5600
.....(i)
S.1. for 8 years = Rs. 6560 ... (ii)
By equation (ii) - (i).
5.1. for 3 years = Rs (6560 - 5600) = Rs. 960
S.l. for 5 years
=

960/3 ×5

= Rs. 1600
∴ Principal = Rs. (5600- 1600)
= Rs. 4000

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