If simple interest on a certain sum of money for 8 years at 4% per annum is same as the simple interest on Rs. 560 for 8 years at the rate of 12% per annum then the sum of money is
Rs.1820
Rs.1040
Rs.1120
Rs.1680
Explanation:
Let the sum of money be x
then
$\dfrac{x \times 4 \times 8}{100 } = \dfrac{560 \times 12 \times 8}{100 }$
$x \times 4 \times 8 = 560 \times 12 \times 8$
$x \times 4 = 560 \times 12$
$x = 560 \times 3 = 1680$