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A sum of money kept in a bank amounts to ` 1240 in 4 years and ` 1600 in 10 years at simpleInterest. Find the sum.
- a)` 800
- b)` 900
- c)` 1150
- d)` 1000
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
A sum of money kept in a bank amounts to ` 1240 in 4 years and ` 1600 ...
The difference between the amounts at the end of 4 years and 10 years will be the simple interest
on the initial capital for 6 years.
Hence, 360/6 = 60 =(simple interest.)
Also, the Simple Interest for 4 years when added to the sum gives 1240 as the amount.
Hence, the original sum must be 1000.
on the initial capital for 6 years.
Hence, 360/6 = 60 =(simple interest.)
Also, the Simple Interest for 4 years when added to the sum gives 1240 as the amount.
Hence, the original sum must be 1000.
Most Upvoted Answer
A sum of money kept in a bank amounts to ` 1240 in 4 years and ` 1600 ...
To find the sum of money, we need to use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Where:
Principal is the initial sum of money
Rate is the rate of interest per year
Time is the number of years
We are given two different scenarios:
1) The sum of money amounts to `1240 in 4 years
2) The sum of money amounts to `1600 in 10 years
Let's solve these scenarios one by one.
Scenario 1: Amount is `1240 in 4 years
Using the formula for simple interest, we have:
1240 = (Principal * Rate * 4) / 100
We don't know the rate, so let's call it 'R'.
1240 = (Principal * R * 4) / 100
Simplifying the equation, we get:
31 = Principal * R
Scenario 2: Amount is `1600 in 10 years
Using the formula for simple interest, we have:
1600 = (Principal * Rate * 10) / 100
Again, let's call the rate 'R'.
1600 = (Principal * R * 10) / 100
Simplifying the equation, we get:
16 = Principal * R
Now, we have two equations:
Equation 1: 31 = Principal * R
Equation 2: 16 = Principal * R
We can divide Equation 1 by Equation 2 to eliminate the Principal:
31 / 16 = Principal * R / Principal * R
Simplifying, we get:
31 / 16 = 1
This means that the rate 'R' cancels out and we are left with 1.
Now, we can solve for the Principal:
31 / 16 = Principal / Principal
Simplifying, we get:
31 / 16 = 1
Cross-multiplying, we get:
31 = 16
This is not possible, so our assumption must be wrong.
Therefore, there is an error in the question or the given information.
The correct answer cannot be determined with the given information.
Simple Interest = (Principal * Rate * Time) / 100
Where:
Principal is the initial sum of money
Rate is the rate of interest per year
Time is the number of years
We are given two different scenarios:
1) The sum of money amounts to `1240 in 4 years
2) The sum of money amounts to `1600 in 10 years
Let's solve these scenarios one by one.
Scenario 1: Amount is `1240 in 4 years
Using the formula for simple interest, we have:
1240 = (Principal * Rate * 4) / 100
We don't know the rate, so let's call it 'R'.
1240 = (Principal * R * 4) / 100
Simplifying the equation, we get:
31 = Principal * R
Scenario 2: Amount is `1600 in 10 years
Using the formula for simple interest, we have:
1600 = (Principal * Rate * 10) / 100
Again, let's call the rate 'R'.
1600 = (Principal * R * 10) / 100
Simplifying the equation, we get:
16 = Principal * R
Now, we have two equations:
Equation 1: 31 = Principal * R
Equation 2: 16 = Principal * R
We can divide Equation 1 by Equation 2 to eliminate the Principal:
31 / 16 = Principal * R / Principal * R
Simplifying, we get:
31 / 16 = 1
This means that the rate 'R' cancels out and we are left with 1.
Now, we can solve for the Principal:
31 / 16 = Principal / Principal
Simplifying, we get:
31 / 16 = 1
Cross-multiplying, we get:
31 = 16
This is not possible, so our assumption must be wrong.
Therefore, there is an error in the question or the given information.
The correct answer cannot be determined with the given information.
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A sum of money kept in a bank amounts to ` 1240 in 4 years and ` 1600 in 10 years at simpleInterest. Find the sum.a)` 800b)` 900c)` 1150d)` 1000Correct answer is option 'D'. Can you explain this answer?
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