Correct Answer - Option 2 : Rs. 500
Given:
Amount1 = Rs.620
Amount2 = Rs.668
Time1 = 5 years
Time2 = 7 years
Formula Used:
Amount = Principal + Simple interest
Calculation:
⇒ 620 = P + 5I -----(1)
⇒ 668 = P + 7I -----(2)
⇒ Solving equation (1) & (2)
⇒ P = 620 – (5 × 24) = Rs.500
∴ The sum of money is Rs. 500