The difference of simple interest on a sum of money for 8 years and 10 years is Rs.200. If the rate of interest is 10 % p.a, then what is the sum of money?

₹1,000

Let initial sum = P

Rate = 10%

We know ,

Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)

\(\frac{P ×10 × 10 }{100}\) - \(\frac{P ×10 × 8 }{100}\) = 200

20P = 20000

P = 1000