The rate of interest on a sum of money is 4% per annum for the first 2 year, 6% per annum for the next 4 year and 8% per annum for the period beyond 6 years. If the simple interest accrued by the sum for a total period of 9 years is Rs. 1120. What is the sum?
Correct Answer: Rs. 2000
Explanation:
Let sum= Rs. P
Then, [(P x 4 x 2) /100] + [(P x 6 x 4) / 100] + [(P x 8 x 3) /100] = 1120
⇒ 56 x P = 112000
∴ P = 112000/56 = Rs. 2000
