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A sum was invested at simple interest at a certain interest for 2 years. It would have fetched Rs. 60 more had it been invested at 2% higher rate. What was the sum?
- a)Rs. 1500
- b)Rs. 1300
- c)Rs. 2500
- d)Rs. 1000
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
A sum was invested at simple interest at a certain interest for 2 year...
Based on the information we have, we can say that there would have been Rs. 30 extra interest per year. For 2% of the principal to be equal to Rs. 30, the principal amount should be Rs. 1500
Most Upvoted Answer
A sum was invested at simple interest at a certain interest for 2 year...
Given information:
- The sum is invested for 2 years at a certain interest rate.
- Had it been invested at 2% higher rate, it would have fetched Rs. 60 more.
To find: The sum that was invested.
Solution:
Let's assume the initial interest rate as 'x'.
According to the question, the sum would have fetched Rs. 60 more if the interest rate was increased by 2%.
So, the new interest rate would be (x+2).
Now, let's calculate the difference in interest between the two rates.
For the first year, the difference in interest would be (x+2) - x = 2%
For the second year, the difference in interest would be (x+2) - x = 2%
Therefore, the total difference in interest for 2 years would be 2% + 2% = 4%.
According to the question, the difference in interest between the two rates is Rs. 60
So, 4% of the sum = Rs. 60
Therefore, the sum = (60 * 100) / 4 = Rs. 1500
Hence, the answer is option 'A' (Rs. 1500).
- The sum is invested for 2 years at a certain interest rate.
- Had it been invested at 2% higher rate, it would have fetched Rs. 60 more.
To find: The sum that was invested.
Solution:
Let's assume the initial interest rate as 'x'.
According to the question, the sum would have fetched Rs. 60 more if the interest rate was increased by 2%.
So, the new interest rate would be (x+2).
Now, let's calculate the difference in interest between the two rates.
For the first year, the difference in interest would be (x+2) - x = 2%
For the second year, the difference in interest would be (x+2) - x = 2%
Therefore, the total difference in interest for 2 years would be 2% + 2% = 4%.
According to the question, the difference in interest between the two rates is Rs. 60
So, 4% of the sum = Rs. 60
Therefore, the sum = (60 * 100) / 4 = Rs. 1500
Hence, the answer is option 'A' (Rs. 1500).
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A sum was invested at simple interest at a certain interest for 2 years. It would have fetched Rs. 60 more had it been invested at 2% higher rate. What was the sum?a)Rs. 1500b)Rs. 1300c)Rs. 2500d)Rs. 1000Correct answer is option 'A'. Can you explain this answer?
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A sum was invested at simple interest at a certain interest for 2 years. It would have fetched Rs. 60 more had it been invested at 2% higher rate. What was the sum?a)Rs. 1500b)Rs. 1300c)Rs. 2500d)Rs. 1000Correct 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 invested at simple interest at a certain interest for 2 years. It would have fetched Rs. 60 more had it been invested at 2% higher rate. What was the sum?a)Rs. 1500b)Rs. 1300c)Rs. 2500d)Rs. 1000Correct 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 invested at simple interest at a certain interest for 2 years. It would have fetched Rs. 60 more had it been invested at 2% higher rate. What was the sum?a)Rs. 1500b)Rs. 1300c)Rs. 2500d)Rs. 1000Correct answer is option 'A'. Can you explain this answer?.
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