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If the simple interest on a certain sum at 3% per annum for 4 years and for 3 years differ by Rs. 330 Find the sum.
1. Rs. 11000
2. Rs. 12000
3. Rs. 13000
4. Rs. 14000

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Correct Answer - Option 1 : Rs. 11000

Given:

Rate = 3% per annum

Difference in simple interest = Rs. 330

Formula used:

Principal = (Simple interest × 100)/(rate × time)

Calculation:

Difference of simple interest is 1 year. Therefore, time will be 1 year

Simple interest for 4 years – simple interest for 3 years = Rs. 330

⇒ Simple interest for 1 year = Rs. 330

Principal = (330 × 100)/(3 × 1)

⇒ Rs. 11,000

∴ The sum is Rs. 11,000.

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