Question 47

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

P x R X T / 100 is the simple interest

So, P x (R+3) x 2/100 - P x R x 2/ 100 = 450

Solving for P, we get P = 7500 Rs.

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