Multiple choice

Mohit invested a certain sum of money at simple interest. The interest earned at 6% per annum for 3 years was Rs. 100 more than the interest earned on the same sum at 8% per annum for 2 years. What was the sum invested?

  1. Rs. 4,500

  2. Rs. 5,000

  3. Rs. 6,000

  4. Rs. 6,260

  5. Rs. 6,430
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B Correct answer
AI explanation

Using the simple interest formula, we equate the interests to find the sum, leading to (P multiplied by 6 multiplied by 3) divided by 100 equals (P multiplied by 8 multiplied by 2) divided by 100 plus 100. This simplifies to 18P divided by 100 minus 16P divided by 100 equals 100, or 2P divided by 100 equals 100. Solving this gives P equals 5000, meaning the sum invested was Rs. 5,000.

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