Maths-

General

Easy

Question

# The simple interest on a certain sum for 3 ½ years at 12% per annum is Rs. 98 more than the simple interest on the same sum for 2 ½ years at 14% per annum. Find the sum.

Hint:

### Equate both the cases and then find the sum.

## The correct answer is: P=Rs 1400

### Complete step by step solution:

Let the sum of money = *P*

Case Ι

Principal amount =* P*, Rate = 12% and time = 3.5 years

We know the formula of Interest I = ,

where P is Principal amount, T is number of years and is rate of interest

On substituting the values, we get …(i)

Case Ⅱ

Principal amount = P, Rate = 14% and time = 2.5 years

We know the formula of Interest I = ,

where P is Principal amount, T is number of years and is rate of interest

On substituting the values, we get …(ii)

It is given that the simple interest for case I is Rs 98 more than the simple interest for case Ⅱ.

So,

On multiplying on both the sides, we get 7p = 9800

Divide the above equation by 7 on both the sides,

We get P = 1400

Hence the sum P = Rs 1400

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