Question

Two equal sums were lent at the same time at simple interest rates of `6%` and `4%`per annum. The first sum was recovered 2 years earlier than the second sum, and the amount in each case was Rs 930. What was the sum lent?
A. Rs 820
B. Rs 780
C. Rs 690
D. Rs 750

Answer 1

Correct Answer - D
i) Let the time period for the sum lent at `6%` be T years.
ii) Let the sum be Rs P in each case and second sum recovered in x years.
ii) `P[1+(6(x-2))/100]=P[1+(4(x))/100]=930`. Find x.
iv) Using the above information, find P.