The simple interest on certain sum of money for 5 years at 12% per annum is 1/5th the compound interest on Rs.50,000 for 2 years at 5% per annum. The sum placed on simple interest is

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2, 028

1,708

1,908

1,608

answer is B.

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Detailed Solution

Solution: Sum placed on simple interest = P

$\begin{array}{l} \frac{P \times 5 \times 12}{100} = \frac{1}{5} [50, 000 \times \frac{105}{100} \times \frac{105}{100} - 50000] \\ \frac{P \times 5 \times 12}{100} = \frac{1}{5} \times 512 \\ P = 1708 \end{array}$

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