A sum is invested on simple interest at a certain rate for 3 years. If it had been invested at 4% higher rate, it would have fetched ₹ 36 more. Find the sum.₹ 300₹ 360₹ 200₹ 270
Question
A sum is invested on simple interest at a certain rate for 3 years. If it had been invested at 4% higher rate, it would have fetched ₹ 36 more. Find the sum.₹ 300₹ 360₹ 200₹ 270
Solution
The problem is asking to find the original sum of money that was invested.
Here's how to solve it:
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We know that the formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount (the original sum), R is the rate of interest, and T is the time.
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In this case, we know that the interest difference when the rate is increased by 4% for 3 years is ₹36. So, we can set up the equation 36 = P * 4 * 3 / 100.
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Simplifying this equation gives us 36 = 12P / 100.
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Solving for P, we get P = 36 * 100 / 12 = ₹300.
So, the original sum that was invested is ₹300.
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