For a certain sum, the simple interest in 2 yr at 8% per

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For a certain sum, the simple interest in 2 yr at 8% per annum is ₹ 110 more than the simple interest in 1 yr at the ratio of 5% per annum for the same sum. Find the sum.

1. ₹ 5000
2. ₹ 1000
3. ₹ 1050
4. ₹ 950

Correct Option: B

Given, SI₁ - SI₂ = 110,
T₁ = 2 Yr,
T₂ = 1 yr, R₁ = 8%, R₂ = 5%

According to the question,
[(P x 8 x 2)/100] - [(P x 5 x 1)/100] = 110
⇒ 11P/100 = 110
∴ P = ₹ 1000