WBCS.LIVE practice question

A sum of money kept in a bank amounts to Rs. 1,240 in 4 years and Rs. 1,600 in 10 years at simple interest. Find the sum.

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. Rs.1,000
  2. Rs.800
  3. Rs.1,950
  4. Rs.1,100

Correct answer and explanation

Correct answer: Rs.1,000

Explanation: āœ… Correct Answer: A. Rs.1,000 šŸ“š Explanation: The simple interest for 6 years (10 minus 4) is (1600 minus 1240) = 360. Interest for 1 year is 360 divided by 6, which is 60. Interest for 4 years is 60 multiplied by 4, which is 240. The original sum is (1240 minus 240), which equals Rs. 1,000. This is a basic interest and principal calculation.