Question
The simple interest received on a certain sum is Rs. 480
less than the sum invested. If the sum was invested at 12% p.a. for 7 years, then find the simple interest received.Solution
Let the sum invested be Rs. x Therefore, simple interest received = Rs. (x - 450) According to the question, {(x x 12 x 7)/100} = x - 450 0.84x = x - 480 0.16x = 480 x = 480/0.16 = 3000 Therefore, simple interest received = x - 480 = 3000 - 480 = Rs. 2520
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