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A man lends a certain sum of money at simple interest. Rate of interest for first one and a half years is 8%, for next 6 months is 10%, for next 10 months is 12% and after that 4%, if he received Rs. 22400.32 as interest at the end of 4 years and 1 months. What will be the principal?
1. Rs. 70,000
2. Rs. 70,001
3. Rs. 35,256
4. Rs. 75,000

1 Answer

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Best answer
Correct Answer - Option 2 : Rs. 70,001

Formula used:

SI = P × R × T/100

Where P = Principal, R = Rate and T = Time

Calculation:

Let the principal be Rs. X.

Now, the simple interest for first one and a half

year = [P × 8 × (3/2)/100]

⇒ 12P/100

The Simple interest for next 6 months = [P × 10 × (1/2)/100]

⇒ 5P/100

The Simple interest for next 10 months = [P × 12 × (10/12)/100]

⇒ 10P/100

The Simple interest for the remaining 15 months = [P × 4 × (15/12)/100]

⇒ 5P/100

According to Question,

(12P/100) + (5P/100) + (10P/100) + (5P/100) = 22400.32

⇒ 32P/100 = 22400.32

⇒ P = 22400.32 × (100/32)

⇒ Rs. 70,001

∴ The principal will be Rs. 70,001

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