Question
Download Solution PDFA sum was put at simple interest at a certain rate for 4 years. Had it been put at 2% higher rate, it would have fetched Rs. 400 more. Find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A sum was put at simple interest at a certain rate for 4 years. Had it been put at 2% higher rate, it would have fetched Rs. 400 more.
Formula used:
Simple Interest (SI) = \(P \times \frac{R \times T}{100}\)
Calculation:
Let the sum be P and the original rate be R%.
SI1 = \(P \times \frac{R \times 4}{100}\)
SI2 = \(P \times \frac{(R+2) \times 4}{100}\)
According to the question:
SI2 - SI1 = 400
⇒ \(P \times \frac{(R+2) \times 4}{100} - P \times \frac{R \times 4}{100} = 400\)
⇒ \(P \times \frac{4R + 8}{100} - P \times \frac{4R}{100} = 400\)
⇒ \(P \times \frac{8}{100} = 400\)
⇒ \(P = \frac{400 \times 100}{8}\) = 5000
∴ The correct answer is option 2.
Last updated on Mar 19, 2025
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