What sum of money invested at simple interest will amount to 6,400 INR in 2 years and to 7,600 INR in 4 years?
Answer and explanation
Correct answer: A.
- Step 1: Since simple interest accrues linearly each year, the interest earned in the 2-year difference () is: .
- Step 2: Interest per year . The principal is the amount at 2 years minus 2 years of interest: .
Answer
.
Why not the others: '' subtracts 1,600 INR; '' subtracts 1,400 INR; '' subtracts 1,000 INR.
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