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If the simple interest on a certain sum of money for 3 years at the rate of 10% is Rs. 2100 less than the principal, find the sum.

1. Rs. 2500
2. Rs. 3000
3. Rs. 2000
4. Rs. 5000

Correct answer: Rs. 3000

Solution

Simple interest for 3 years at 10% is 30% of the principal. Let principal be P, then SI = 0.3P and P - 0.3P = 2100. So 0.7P = 2100, giving P = 3000.

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