Question : Two equal sums are lent at 8% and 4% simple interest p.a, respectively at the same time. The first sum is received 2 years earlier than the other and the amount received in each case is INR 14,500. Each sum is:
Option 1: INR 12,800
Option 2: INR 12,500
Option 3: INR 13,200
Option 4: INR 12,000
Answer (1)
11th Jan, 2024
Correct Answer: INR 12,500
Solution :
Let
⇒ Time for second amount =
Since both amounts are equal, simple interest will also be equal.
⇒
⇒
⇒
⇒
⇒
Total amount = 14500
So,
⇒
⇒
Hence, the correct answer is INR 12,500.
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