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    Question

    Determine the value of 'K' if an investment of Rs.

    30,000, made under a simple interest scheme at an annual rate of 18%, yields an interest amount of Rs. (2K + 160) over a period of 146 days.
    A 1000 Correct Answer Incorrect Answer
    B 900 Correct Answer Incorrect Answer
    C 840 Correct Answer Incorrect Answer
    D 960 Correct Answer Incorrect Answer
    E 1250 Correct Answer Incorrect Answer

    Solution

    Simple interest (when time is in days) = Principal X rate X time ÷ (365 X 100) ATQ, 2k + 160 = 30,000 X 18 X 146 ÷ (365 X 100) Or, 2k + 160 = 2160 Or, 2k = 2,000 So, 'k' = 1,000

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