A sum of money lent out at simple interest am | vedclass

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(B) Let the principal sum be $P$ and the rate of interest be $R \%$.Simple Interest $(SI)$ for $2$ years is given by: $SI_2 = P 	imes R 	imes 2 / 10

Vedclass · Accepted Answer

$600$

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(B) Let the principal sum be $P$ and the rate of interest be $R \%$.Simple Interest $(SI)$ for $2$ years is given by: $SI_2 = P 	imes R 	imes 2 / 100$.The amount after $2$ years is $A_2 = P + SI_2 = P(1 + 2R/100) = 720$.The total time after a further period of $5$ years is $2 + 5 = 7$ years.The amount after $7$ years is $A_7 = P(1 + 7R/100) = 1020$.Subtracting the two equations:$SI$ for $5$ years = $1020 - 720 = 300$.$SI$ for $1$ year = $300 / 5 = 60$.$SI$ for $2$ years = $60 	imes 2 = 120$.Principal $P = 	ext{Amount after } 2 	ext{ years} - SI 	ext{ for } 2 	ext{ years}$.$P = 720 - 120 = 600$.Thus,the sum is ₹ $600$.

$A$ sum of money lent out at simple interest amounts to ₹ $720$ after $2$ $years$ and to ₹ $1,020$ after a further period of $5$ $years$. The sum is (In ₹)

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