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    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.
    A ₹ 8,000 Correct Answer Incorrect Answer
    B ₹ 7,000 Correct Answer Incorrect Answer
    C ₹ 6,000 Correct Answer Incorrect Answer
    D ₹ 5,000 Correct Answer Incorrect Answer

    Solution

    Required sum = {3P(r + 2)}/100 – 3Pr/100 = 480 => 3Pr + 6P – 3Pr  = 480 × 100 => 6P = 48000 => P = Rs. 8000

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