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Home Aptitude Simple Interest See What Others Are Saying!
  • Question
  • A sum of money invested for a certain number of years at 8% p.a. simple interest grows to Rs.180. The same sum of money invested for the same number of years at 4% p.a. simple interest grows to Rs.120 only. For how many years was the sum invested?


  • Options
  • A. 25years
  • B. 15years
  • C. 20years
  • D. 22years

  • Correct Answer
  • 25years 

    Explanation

    From the information provided we know that,

    Principal + 8% p.a. interest on principal for n years = 180 ??.. (1)

    Principal + 4% p.a. interest on principal for n years = 120 ??? (2)

    Subtracting equation (2) from equation (1), we get

    4% p.a. interest on principal for n years = Rs.60.

    Now, we can substitute this value in equation (2),

    i.e Principal + 60 = 120

    = Principal = Rs.60.

    We know that SI = , where p is the principal, n the number of years and r the rate percent of  interest.

    In equation (2), p = Rs.60, r = 4% p.a. and the simple interest = Rs.60.

    Therefore, 60 =(60*n*4)/100

    => n = 100/4 = 25 years.

  • Tags: Bank Exams, Bank PO

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