A certain amount of money was invested for certain time and at a certa

1.	A certain amount of money was invested for certain time and at a certain rate under simple interest. After 2 years, amount became Rs. 24000 and after 5 years, total amount was Rs. 30000. What was the initial amount invested?1. 210002. 200003. 300004. 28000
Answer» Correct Answer - Option 2 : 20000 Given: A certain amount of money was invested for certain time and at a certain rate under simple interest. After 2 years, amount became Rs. 24000 and after 5 years, total amount was Rs. 30000. Formula: Amount under simple interest = P × r × t/100, where P is principal, r is rate of interest, and t is time Amount under compound interest = P + (P × r × t/100) Calculation: P + 2I = 24000, where I is interest and P+5I = 30000 Solving above equations, we get 3I = 6000 ⇒ I = 2000 Principal= Rs 20000

A certain amount of money was invested for certain time and at a certain rate under simple interest. After 2 years, amount became Rs. 24000 and after 5 years, total amount was Rs. 30000. What was the initial amount invested?1. 210002. 200003. 300004. 28000

Answer» Correct Answer - Option 2 : 20000

Given:

A certain amount of money was invested for certain time and at a certain rate under simple interest. After 2 years, amount became Rs. 24000 and after 5 years, total amount was Rs. 30000.

Formula:

Amount under simple interest = P × r × t/100,

where P is principal,

r is rate of interest,

and t is time

Amount under compound interest = P + (P × r × t/100)

Calculation:

P + 2I = 24000, where I is interest

and P+5I = 30000

Solving above equations, we get

3I = 6000

⇒ I = 2000

Principal= Rs 20000

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