A certain sum in certain time becomes Rs 500 at the rate of 8 per annum S I and the same sum amounts...........

Quant (SSC) Simple Interest

A certain sum in certain time becomes Rs. 500 at the rate of 8% per annum S.I and the same sum amounts to Rs. 200 at the rate of 2% S.I in the same duration. Find the sum and time?

25 yrs

50 yrs

56 yrs

60 yrs

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Explanation:

Let the sum be P; the time be T ; A = 500
Amount = P + S.I
P + P × 8 × T /100 = 500 .......i
P + P × 2 × T /100 = 200 .......ii
eq (i) - eq (ii)
6PT /100 = 300; PT = 5,000 ...(iii)
P + 5000 × 8 /100 = 500
P = 100; From (iii)
T = 5000 / 100 = 50 yrs