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?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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