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A sum of money was invested at a certain rate for 2 years. Had it been invested at 3% higher rate of interest, it would have fetched Rs. 450 more. The sum invested was:
- a)Rs. 7500
- b)Rs. 600
- c)Rs. 5000
- d)Rs. 4500
Correct answer is option 'A'. Can you explain this answer?
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A sum of money was invested at a certain rate for 2 years. Had it been...
Let xx be the sum of money invested at simple interest and rr be the rate of interest.
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A sum of money was invested at a certain rate for 2 years. Had it been...
Given information:
- Initial rate of interest: x%
- Increased rate of interest: (x + 3)%
- Difference in interest: Rs. 450
- Time period: 2 years
Let's solve the problem step by step:
Step 1: Setting up the equation
Let the principal amount be P.
According to the given information, the difference in interest between the two rates is Rs. 450.
Therefore, the difference in interest can be calculated as:
\[ \text{Difference in interest} = \left( \frac{P \times (x + 3) \times 2}{100} \right) - \left( \frac{P \times x \times 2}{100} \right) = 450 \]
Solving this equation gives:
\[ 2P \times 3 = 450 \]
\[ 6P = 450 \]
\[ P = \frac{450}{6} = Rs. 7500 \]
Therefore, the sum invested was Rs. 7500.
So, the correct answer is option 'a) Rs. 7500'.
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A sum of money was invested at a certain rate for 2 years. Had it been invested at 3% higher rate of interest, it would have fetched Rs. 450 more. The sum invested was:a)Rs. 7500b)Rs. 600c)Rs. 5000d)Rs. 4500Correct answer is option 'A'. Can you explain this answer?
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