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A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?
  • a)
    Rs. 2000            
  • b)
    Rs. 2400
  • c)
    Rs. 2500
  • d)
    Rs. 3200
  • e)
    Rs. 4400
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
A sum was put at simple interest at a certain rate for 5 years. had it...
For first case , let principle be p , rate be r , si be x . Also t = 5 yrs.
so , x = (p*r*5)/100
x = 5pr/100 _____(1)
If rate = r+5 , si = x+500 then
x+500 = (p*(r+5)*5)/100
x+500 = 5p(r+5)/100
5pr/100+500 = (5pr+25p)/100 (using eq(1))
(5pr+50000)/100 = (5pr+25p)/100
5pr+50000 = 5pr+25p
50000 = 25p
p = 2000
Correct ans is a) 2000
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Community Answer
A sum was put at simple interest at a certain rate for 5 years. had it...
Given:
- A sum was put at simple interest at a certain rate for 5 years.
- Had it been put at 5% higher rate, it would have fetched Rs. 500 more.

To find: The sum

Solution:
Let the sum be x and the rate of interest be y.

According to the question,
Simple Interest (SI) for the given sum and rate = (x*y*5)/100
Simple Interest (SI) for 5% higher rate = (x*(y+5)*5)/100

As per the question, the difference between the two interests is Rs. 500.
So,

(x*(y+5)*5)/100 - (x*y*5)/100 = 500
=> xy/100 = 1000
=> xy = 100000

Therefore, the sum (x) can be calculated using the above equation as we know the value of xy.

Let's assume y = 5, then
x*5 = 100000
x = 20000/5
x = 4000

So, the sum is Rs. 4000.

Now, let's verify if the given conditions are satisfied.

SI for 5 years at 5% rate on Rs. 4000 = (4000*5*5)/100 = Rs. 1000
SI for 5 years at 10% rate on Rs. 4000 = (4000*10*5)/100 = Rs. 2000
The difference between the two interests is Rs. 2000 - Rs. 1000 = Rs. 1000

But, as per the question, the difference between the two interests should be Rs. 500. This means that the rate assumed above (y = 5) is higher than the actual rate.

Let's assume y = 4, then
x*4 = 100000
x = 25000

So, the sum is Rs. 25000.

Now, let's verify if the given conditions are satisfied.

SI for 5 years at 4% rate on Rs. 25000 = (25000*4*5)/100 = Rs. 5000
SI for 5 years at 9% rate on Rs. 25000 = (25000*9*5)/100 = Rs. 11250
The difference between the two interests is Rs. 11250 - Rs. 5000 = Rs. 6250

But, as per the question, the difference between the two interests should be Rs. 500. This means that the rate assumed above (y = 4) is higher than the actual rate.

Let's assume y = 2, then
x*2 = 100000
x = 50000

So, the sum is Rs. 50000.

Now, let's verify if the given conditions are satisfied.

SI for 5 years at 2% rate on Rs. 50000 = (50000*2*5)/100 = Rs. 5000
SI for 5 years at 7% rate on Rs. 50000 = (50000*7*5)/100 = Rs. 17500
The difference between the two interests is Rs. 17500 - Rs. 5000 = Rs. 12500

But, as per the
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A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?a)Rs. 2000b)Rs. 2400c)Rs. 2500d)Rs. 3200e)Rs. 4400Correct answer is option 'A'. Can you explain this answer?
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A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?a)Rs. 2000b)Rs. 2400c)Rs. 2500d)Rs. 3200e)Rs. 4400Correct answer is option 'A'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?a)Rs. 2000b)Rs. 2400c)Rs. 2500d)Rs. 3200e)Rs. 4400Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A sum was put at simple interest at a certain rate for 5 years. had it been put at 5% higher rate, it would have fetched Rs. 500 more. What is the sum?a)Rs. 2000b)Rs. 2400c)Rs. 2500d)Rs. 3200e)Rs. 4400Correct answer is option 'A'. Can you explain this answer?.
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