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?
Answer & explanation
Correct answer: option 1
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