Question
Download Solution PDFA sum of money was invested at the rate of 7.5% simple interest per annuum for 4 years. If the investments were for 5 years, the interest earned would have been Rs. 375 more. What was the initial sum invested?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFInterest earned for 5 years – Interest earned for 4 years = 375
Let the principal be Rs. P,
⇒ (P × 7.5 × 5) /100 – (P × 7.5 × 4) /100 = 375
⇒ (37.5 × P) /100 – (30 × P) /100 = 375
⇒ (7.5 × P) /100 = 375
∴ P = Rs. 5000Last updated on Jun 11, 2025
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