Question
A certain sum when invested for 3 years in a scheme
offering simple interest of 12% p.a. gives an interest of Rs. 990. What is 120% of the sum invested?Solution
Let the sum invested = Rs. 100Y Then interest earned = 100Y × (0.12 × 3) = Rs. 36Y Or, 36Y = 990 Or, Y = (990/36) = 27.5 So, sum invested = Rs. 2750 120% of sum invested = 2750 × 1.20 = Rs. 3300
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