The difference in the simple interest earned on a certain sum at 6% p.a. at the end of two years and the end of four years is Rs. 600. What is the sum?
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Rate of Interest, R = 6%
T1 = 2 years and T2 = 4 years
The difference in the simple interest earned = Rs. 600
Let the S.I. at the end of 2 years be “S.I.₁” and at the end of 4 years be “S.I.₂”. Also, let the sum be Rs. “P”.
According to the question and by using the simple interest formula, we can find the value for P,
∴ S.I.₂ – S.I.₁ = 600
⇒ [P *6 * 4 / 100] – [P * 6 * 2 / 100] = 600
⇒ 0.24 P – 0.12 P = 600
⇒ P = 600 / 0.12 = Rs. 5000
Thus, the sum is Rs. 5000.
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