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A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is?
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A certain sum of money was invested at simple rate of interest for thr...
Problem: Find the amount of sum invested if it was invested at a simple rate of interest for three years. If the sum had been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more.
Solution:
Let the original rate of interest be x percent and the sum of money invested be y.
The interest amount on y at x percent for three years is given by:
Interest amount = (y * x * 3) / 100
If the sum of money had been invested at a rate that was seven percent higher, the new rate of interest would be (x + 7) percent.
The interest amount on y at (x + 7) percent for three years is given by:
New interest amount = (y * (x + 7) * 3) / 100
The difference in interest amounts is given by:
New interest amount - Interest amount = 882
Substituting the values of Interest amount and New interest amount, we get:
(y * (x + 7) * 3) / 100 - (y * x * 3) / 100 = 882
Simplifying the above equation, we get:
(y * 21) / 100 = 882
y = (882 * 100) / 21
y = 4200
The amount of sum invested is rs 4200.
Solution:
Let the original rate of interest be x percent and the sum of money invested be y.
Calculation of Interest Amount
The interest amount on y at x percent for three years is given by:
Interest amount = (y * x * 3) / 100
Calculation of New Interest Amount
If the sum of money had been invested at a rate that was seven percent higher, the new rate of interest would be (x + 7) percent.
The interest amount on y at (x + 7) percent for three years is given by:
New interest amount = (y * (x + 7) * 3) / 100
Calculation of Difference in Interest Amounts
The difference in interest amounts is given by:
New interest amount - Interest amount = 882
Substituting the values of Interest amount and New interest amount, we get:
(y * (x + 7) * 3) / 100 - (y * x * 3) / 100 = 882
Simplifying the above equation, we get:
(y * 21) / 100 = 882
y = (882 * 100) / 21
y = 4200
Answer:
The amount of sum invested is rs 4200.
Community Answer
A certain sum of money was invested at simple rate of interest for thr...
882=P×3×7/100
P=4200
P=4200
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A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is?
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A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is?.
A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A certain sum of money was invested at simple rate of interest for three years. If the sum has been invested at a rate that was seven percent higher, the interest amount would have been rs 882 more. The amount of sum invested is?.
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