The simple interest on a certain sum of money for 5 years at 12% per annum is Tk. 40 less than the simple interest on the same sum for 5 years at 10% per annum. Find the sum-
Solution
Correct Answer: Option B
The simple interest on a certain sum of money for 2.5 years at 12% per annum is Tk. 40 less than the simple interest on the same sum for 3.5 years at 10% per annum.
The simple interest on a certain sum of money for 2.5 years at 12% per annum = npr = 2.5X.12Xp
the simple interest on the same sum for 3.5 years at 10% per annum = npr = 3.5X.1Xp
So,
2.5X.12Xp + 40 = 3.5X.1Xp
=> ,3p + 40 = 0.35 p
=> .05p =40
=> p = 800
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