CUET CUET General Test 2024 - A certain sum becomes ₹ 2,356 in 3 years and ₹ 2,660 in 5 years on simple interest. The value of sum is: | PYQs + Solutions

CUET General Test 2024

Arithmetic

Simple & Compound Interest

Medium

A certain sum becomes ₹ 2,356 in 3 years and ₹ 2,660 in 5 years on simple interest. The value of sum is:

₹ 1,800

₹ 1,880

₹ 1,900

₹ 1,980

Correct Option: 3

Let the principal be

P

and the rate of interest be

R

The interest for 3 years is

2,356 - P

and for 5 years is

2,660 - P

The difference in interest over 2 years is:

(2,660 - P) - (2,356 - P) = 2,660 - 2,356 = 304

This interest corresponds to 2 years, so:

\frac{2PR}{100} = 304 \implies PR = 304 \times 50 = 15,200

Now, using the interest for 3 years:

2,356 = P + \frac{3PR}{100} \implies 2,356 = P + \frac{3 \times 15,200}{100} = P + 456

Thus,

P = 2,356 - 456 = 1,900

The value of the sum is

₹ 1,900