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      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?
      A Rs. 3300 Correct Answer Incorrect Answer
      B Rs. 3200 Correct Answer Incorrect Answer
      C Rs. 3500 Correct Answer Incorrect Answer
      D Rs. 3900 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      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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