A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:
Question
A sum of money at simple interest amounts to Rs. 815 in 3 years and to Rs. 854 in 4 years. The sum is:
Solution 1
The difference in the amounts of money over the third and fourth years is the simple interest for one year.
So, the simple interest for one year is Rs. 854 - Rs. 815 = Rs. 39.
Since the simple interest is the same every year, the principal amount (the original sum) is Rs. 815 (the total amount after 3 years) - Rs. 39 (the interest for one year) = Rs. 776.
So, the sum is Rs. 776.
Solution 2
The difference in the amounts of money after 3 years and 4 years is actually the simple interest for 1 year.
So, the simple interest for 1 year is Rs. 854 - Rs. 815 = Rs. 39.
Since the simple interest is the same every year, the simple interest for 3 years is Rs. 39 * 3 = Rs. 117.
Therefore, the original sum of money (the principal) is the total amount after 3 years minus the simple interest for 3 years.
So, the principal is Rs. 815 - Rs. 117 = Rs. 698.
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