A certain sum amounts to ₹20720 in four years and ₹24080 in six years at a certain rate of simple interest. The sum (in ₹) is:
Answer & explanation
Correct answer: option 3
Simple interest of 2 years = 24080 - 20720 = 3360
Simple interest of 1 year = 1680
So , Simple interest of 4 years = 4 × 1680 = 6720
Amount = Principal + Interest
Principal = 20720 - 6720
= 14000