Practicing Success
The amount received after 8 years on a certain sum of money invested at the rate of 18% simple interest per annum is ₹1,220. What was the initial sum invested? |
₹500 ₹480 ₹420 ₹450 |
₹500 |
Total simple interest of 8 years = 8 × 18% = 144% ATQ , Let initial sum invested = 100% Amount after 8 years , 244% = 1220 1% = \(\frac{1220 }{244}\) = 5 Initial sum invested = 100% = 100 × 5 = Rs. 500 |