What sum of money, considering simple interest, will amount to ₹ 896 in 3 years, and ₹ 960 in 5 years?₹ 750₹ 825₹ 800₹ 836
Question
What sum of money, considering simple interest, will amount to ₹ 896 in 3 years, and ₹ 960 in 5 years?₹ 750₹ 825₹ 800₹ 836
Solution
The difference in the total amount after 5 years and 3 years is ₹960 - ₹896 = ₹64.
This difference is the interest accrued over 2 years.
Since we're dealing with simple interest, the interest for one year would be the same. So, the interest for one year is ₹64 / 2 = ₹32.
The principal amount is the total amount after 3 years minus the interest for 3 years.
So, the principal amount is ₹896 - (₹32 * 3) = ₹896 - ₹96 = ₹800.
So, the sum of money that will amount to ₹896 in 3 years and ₹960 in 5 years is ₹800.
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