A certain sum of money amounts to Rs 1008 in 2 years and to Rs 1164 in 3 frac12 years Find the ...........

Quant (SSC) Simple Interest

A certain sum of money amounts to Rs 1008 in 2 years and to Rs 1164 in 3 ½ years. Find the sum and the rate of interest.

800, 14%

800, 13%

800, 12%

800, 19%

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Explanation:

S.I. for 1 ½ years = Rs (1164 - 1008) = Rs 156 .
S.I. for 2 years = Rs (156 x 2/3 x 2)= Rs 208.
Therefore, Principal = Rs (1008 - 208) = Rs 800.
Now, P = 800, T= 2 and S.I. = 208.
Therefore, Rate = (100 x S.I.) / (P x T) = [ (100 x 208)/(800 x 2)]% = 13%