Simple Interest Ques 9
Question-
A sum of money (Rs. $x$ ) was invested for 8 years in a scheme which offers simple interest at the rate of $20 \%$ per annum. The interest received after 8 years was reinvested in the same scheme for the same period. If the interest received after reinvesting for the said period was Rs. ‘$x+7020$’, what is the value of $x$ ?
(1) 6400
(2) 4800
(3) 4500
(4) 6000
(5) 4850
(Indian Bank Specialist Officer SO Exam, 08.03.2020)
Show Answer
Correct Answer: (3)
Solution: (3)
Case I,
S.I. $=\frac{\text { Principal } \times \text { Time } \times \text { Rate }}{100}$
$=\frac{x \times 8 \times 20}{100}=$ Rs. $\frac{8 x}{5}$
Case II,
S.I. $=\frac{8 x \times 8 \times 20}{5 \times 100}=$ Rs. $\frac{64 x}{25}$
According to the question,
$\frac{64 x}{25}=x+7020$
$\Rightarrow \frac{64 x}{25}-x=7020$
$\Rightarrow \frac{64 x-25 x}{25}=7020$
$\Rightarrow 39 x=7020 \times 25$
$\Rightarrow x=\frac{7020 \times 25}{39}$ $=$ Rs. 4500
BETA
