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    Question

    A certain sum when invested for 3 years in a scheme

    offering simple interest of 16% p.a. gives an interest of Rs. 1032. What is 110% of the sum invested?
    A Rs. 2300 Correct Answer Incorrect Answer
    B Rs. 2395 Correct Answer Incorrect Answer
    C Rs. 2365 Correct Answer Incorrect Answer
    D Rs. 2565 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Let the sum invested = Rs. 100Y Then interest earned = 100Y × (0.16 × 3) = Rs. 48Y Or, 48Y = 1032 Or, Y = (1032/48) = 21.5 So, sum invested = Rs. 2150 110% of sum invested = 2150 × 1.1 = Rs. 2365

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