Question 122

A sum of money was invested at a certain rate for 2 years. Had it been invested at 3% higher rate of interest, it would have fetched Rs. 450 more. The sum invested was:

Solution

Let $$x$$ be the sum of money invested at simple interest and $$r$$ be the rate of interest.

The interest at the end of 2 years=$$P$$x$$t$$x$$r/100=2xr$$ -(1)

The interest at the end of 2 years if $$r$$ is increased by 3%=$$2x(r+3)$$ -(2)

Given (2)-(1)=450

=>$$6x=450$$

∴$$x= 7500$$

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