NIFT UG 2010 Question Paper with solutions

Question : 143 of 149

Marks: +1, -0

The rate of interest on a sum of money is 4 per cent per annum for the first two years 6 per cent per annum for the next four years and 8 per cent per annum for the period beyond six years. If the simple interest accrued by the sum for a total period of nine years is Rs 1120, what is the sum?

Rs 2000
Rs 4000
Rs 1500
None of these

Validate

Solution:

Suppose that the sum is Rs. P.

{\SI}={{P}×4×2}/{100}+{{P}×6×4}/{100}+{{P}×8×3}/{100}

1120×100=8P+24P+24P

p=\;\;{1120×100}/{56}={Rs}.2000

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