Multiple Choice Questions

The amount received after 8 years on a certain sum of money invested at the rate of 18 simple intere...........

Quantitative Aptitude (MTS) Simple Interest

The amount received after 8 years on a certain sum of money invested at the rate of 18% simple interest per annum is Rs1,220.

What was the initial sum invested?

This questions was previously asked in

SSC MTS 14th July 2022 Shift-1

Rs500

Rs480

Rs420

Rs450

To find the initial sum invested, we use the formula for simple interest:

- Simple Interest Formula: Amount = Principal + (Principal x Rate x Time)

- We're given: Amount = Rs 1,220, Rate = 18%, Time = 8 years.

Let's calculate the principal (P):

- Rearrange the formula: P = Amount / (1 + (Rate x Time))

- Plug in the values: P = Rs 1,220 / (1 + (0.18 x 8))

- Simplify: P = Rs 1,220 / 2.44

- Calculate: P ˜ Rs 500

- Option 1: Rs 500

- Option 2: Rs 480

- Option 3: Rs 420

- Option 4: Rs 450

The initial sum invested is option 1: Rs 500.

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