For a certain sum, the simple interest in 2 yr at 8% per annum is ₹ 110 more than the simple interest in 1 yr at the ratio of 5% per annum for the same sum. Find the sum.
Correct Answer: ₹ 1000
Explanation:
Given, SI1 - SI2 = 110,
T1 = 2 Yr,
T2 = 1 yr, R1 = 8%, R2 = 5% According to the question,
[(P x 8 x 2)/100] - [(P x 5 x 1)/100] = 110
⇒ 11P/100 = 110
∴ P = ₹ 1000
