Question
A sum of money was put at simple interest at a certain
rate for 3 years. Had it been at a 2% higher rate, it would have fetched ₹480 more. Find the sum.Solution
Required sum = {3P(r + 2)}/100 – 3Pr/100 = 480 => 3Pr + 6P – 3Pr = 480 × 100 => 6P = 48000 => P = Rs. 8000
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