The rate of interest on a Sum of money is 4% p.a. for the first two years and 6% p.a. for the next 4 years, 8% p.a. for the period beyond 6 years. If the S.I. occurred by the Sum for a total period of 9 years is Rs. 1120 then find the Sum.
Question
The rate of interest on a Sum of money is 4% p.a. for the first two years and 6% p.a. for the next 4 years, 8% p.a. for the period beyond 6 years. If the S.I. occurred by the Sum for a total period of 9 years is Rs. 1120 then find the Sum.
Solution
Let's break down the given information step by step to find the sum.
Step 1: Identify the given information:
- Rate of interest for the first two years: 4% p.a.
- Rate of interest for the next four years: 6% p.a.
- Rate of interest for the period beyond six years: 8% p.a.
- Simple Interest (S.I.) for a total period of 9 years: Rs. 1120
Step 2: Calculate the interest for each period:
- Interest for the first two years: (Sum * Rate * Time) / 100 = (Sum * 4 * 2) / 100 = (8 * Sum) / 100
- Interest for the next four years: (Sum * Rate * Time) / 100 = (Sum * 6 * 4) / 100 = (24 * Sum) / 100
- Interest for the period beyond six years: (Sum * Rate * Time) / 100 = (Sum * 8 * 3) / 100 = (24 * Sum) / 100
Step 3: Write the equation for the total interest: Total Interest = Interest for the first two years + Interest for the next four years + Interest for the period beyond six years 1120 = (8 * Sum) / 100 + (24 * Sum) / 100 + (24 * Sum) / 100
Step 4: Simplify the equation: 1120 = (8 * Sum + 24 * Sum + 24 * Sum) / 100 1120 = (56 * Sum) / 100
Step 5: Solve for the Sum: 1120 * 100 = 56 * Sum 112000 = 56 * Sum Sum = 112000 / 56 Sum = 2000
Therefore, the sum of money is Rs. 2000.
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