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A certain sum of money let out on simple interest amount to Rs1760 in 2 years and to Rs 2000 in 5 years. Find the sum ~
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Answer:
Given:
A certain sum of money amounts to Rs. 1760 in 2 years and Rs. 2000 in 5 years at simple interest.
To find: Principal Amount, P
We know that,
Simple Interest, S.I.=
100
P×R×N
where,
P is principal amount, R is rate of interest per annum and N is number of years.
SI on amount P for 2 years at rate R
SI
2
=
100
2PR
Total amount after 2 years is Rs. 1760 (given),
Amount, Rs. 1760=P+SI
2
=P+
100
2PR
....(1)
SI on amount P for 5 years at rate R
SI
5
=
100
5PR
Total amount after 5 years is Rs. 2000 (given),
Amount, Rs. 2000=P+SI
5
=P+
100
5PR
....(2)
Subtracting (1) from (2), we get
100
3PR
=Rs. 240
⇒PR=Rs. 8000
Substitute the value of PR in (1), we get
1760=P+
100
2×8000
P=Rs. 1600
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