Multiple Choice Questions on The rate of interest on a sum of money is 4 per annum for the first 2 years 6 per annum for the........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

The rate of interest on a sum of money is 4 per annum for the first 2 years 6 per annum for the...........

Quantitative Aptitude ( CCS) Simple Interest
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    The rate of interest on a sum of money is 4% per annum for the first  2 years , 6% per annum for the period next 4 years, 8% per annum for the period beyond 6 years.If the simple interest accrued by the sum for a total period of 9 years is Rs. 1680 ,what is the sum ?

    Rs.3000

    Incorrect Answer

    Rs.5000

    Correct Answer

    Rs.4700

    Incorrect Answer

    Rs.5500

    Incorrect Answer
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    Explanation:

    SI at the rate of 4% for 2 years ,
    =( P* 4*2)/100  = 8P/100
    SI at the rate of 6% for 4 years ,
    (P*6*4)/100 = 24P/100
    SI for the next 3 years
    SI =  (P*8*3)/100 = 24P/100
    Total SI = 8P/100 + 24P/100 + 24P/100
    =>P = (1680*100 )/56 = 3000

    Hence, option 2 is the correct answer.

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