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A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.
- a)Rs 1250
- b)Rs 1400
- c)Rs 1200
- d)Rs 1500
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
A certain sum was put at a certain rate of interest for 3 yrs. Had it ...
At 2% more rate, the increase in SI for 3 years = Rs 72 (given)
So at 2% more rate the increase in SI for 1 year = 72/3 = Rs 24
i.e., Rs 24 is 2% of the invested sum
So 1% of the invested sum = 24/2 = 12
Therefore, the invested sum
= 12 x 100 = Rs 1200
So at 2% more rate the increase in SI for 1 year = 72/3 = Rs 24
i.e., Rs 24 is 2% of the invested sum
So 1% of the invested sum = 24/2 = 12
Therefore, the invested sum
= 12 x 100 = Rs 1200
Most Upvoted Answer
A certain sum was put at a certain rate of interest for 3 yrs. Had it ...
Understanding the Problem
In this problem, we need to find the principal amount (sum) that was initially invested. The information given is that if the interest rate was increased by 2%, the total interest earned over 3 years would be Rs 72 more.
Formula for Simple Interest
The formula for calculating simple interest is:
- Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
In this case, Time (T) is 3 years.
Setting Up the Equation
Let the original rate of interest be R%.
- Interest at original rate for 3 years: SI1 = P × R × 3 / 100
- Interest at the increased rate (R + 2)% for 3 years: SI2 = P × (R + 2) × 3 / 100
According to the problem, the difference in interest is Rs 72:
- SI2 - SI1 = 72
Substituting the formulas:
- P × (R + 2) × 3 / 100 - P × R × 3 / 100 = 72
This simplifies to:
- P × 3 × 2 / 100 = 72
Solving for Principal (P)
Now simplify the equation:
- P × 6 / 100 = 72
To find P, multiply both sides by 100 and divide by 6:
- P = (72 × 100) / 6
- P = 7200 / 6
- P = 1200
Final Answer
The sum invested is Rs 1200, which corresponds to option 'C'.
In this problem, we need to find the principal amount (sum) that was initially invested. The information given is that if the interest rate was increased by 2%, the total interest earned over 3 years would be Rs 72 more.
Formula for Simple Interest
The formula for calculating simple interest is:
- Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
In this case, Time (T) is 3 years.
Setting Up the Equation
Let the original rate of interest be R%.
- Interest at original rate for 3 years: SI1 = P × R × 3 / 100
- Interest at the increased rate (R + 2)% for 3 years: SI2 = P × (R + 2) × 3 / 100
According to the problem, the difference in interest is Rs 72:
- SI2 - SI1 = 72
Substituting the formulas:
- P × (R + 2) × 3 / 100 - P × R × 3 / 100 = 72
This simplifies to:
- P × 3 × 2 / 100 = 72
Solving for Principal (P)
Now simplify the equation:
- P × 6 / 100 = 72
To find P, multiply both sides by 100 and divide by 6:
- P = (72 × 100) / 6
- P = 7200 / 6
- P = 1200
Final Answer
The sum invested is Rs 1200, which corresponds to option 'C'.
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A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.a)Rs 1250b)Rs 1400c)Rs 1200d)Rs 1500Correct answer is option 'C'. Can you explain this answer?
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A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.a)Rs 1250b)Rs 1400c)Rs 1200d)Rs 1500Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.a)Rs 1250b)Rs 1400c)Rs 1200d)Rs 1500Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.a)Rs 1250b)Rs 1400c)Rs 1200d)Rs 1500Correct answer is option 'C'. Can you explain this answer?.
A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.a)Rs 1250b)Rs 1400c)Rs 1200d)Rs 1500Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.a)Rs 1250b)Rs 1400c)Rs 1200d)Rs 1500Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A certain sum was put at a certain rate of interest for 3 yrs. Had it been put at 2% higher rate, it would have fetched Rs 72 more. Find the sum.a)Rs 1250b)Rs 1400c)Rs 1200d)Rs 1500Correct answer is option 'C'. Can you explain this answer?.
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