Question
Download Solution PDFA certain sum of money is given at a certain rate for 3 years. Had it been given at 5% higher rate, it would have fetched Rs. 600 more. Find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A certain sum of money is given at a certain rate for 3 years.
At 5% higher rate, increase of SI for 3 years = Rs. 600
Concept used:
Let the sum be x.
Calculation:
At 5 % higher rate, SI for 1 year will be =
which means that Rs. 200 is 5% of the invested sum.
x =
x = 4000
∴ The invested sum is Rs. 4000.
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