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A certain sum of money was invested at simple rate of interest for 3 years. If it was invested at 7% higher, the interest have been rs 882 more, then sum has been invested at that rate was?
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A certain sum of money was invested at simple rate of interest for 3 y...
Given:
- The money was invested at a simple rate of interest for 3 years.
- If the money was invested at a rate 7% higher, the interest would have been Rs 882 more.

To Find:
- The sum of money invested at the higher rate.

Solution:

Let's assume the original sum of money invested at the lower rate is P.

Step 1: Calculate the interest at the lower rate:
- The interest at the lower rate can be calculated using the formula: I = P * R * T / 100, where I is the interest, P is the principal (sum of money), R is the rate of interest, and T is the time period.
- So, the interest at the lower rate for 3 years is I1 = P * R1 * 3 / 100.

Step 2: Calculate the interest at the higher rate:
- The interest at the higher rate can be calculated using the same formula: I = P * R * T / 100, where I is the interest, P is the principal (sum of money), R is the rate of interest, and T is the time period.
- Since the rate is 7% higher, the new rate is R1 + 7 = R1 + 7/100 * R1 = 107/100 * R1.
- So, the interest at the higher rate for 3 years is I2 = P * (107/100 * R1) * 3 / 100.

Step 3: Calculate the difference in interest:
- According to the given information, the interest at the higher rate is Rs 882 more than the interest at the lower rate. So, I2 - I1 = 882.
- Substituting the values of I1 and I2, we get: P * (107/100 * R1) * 3 / 100 - P * R1 * 3 / 100 = 882.
- Simplifying the equation, we get: P * R1 * 3 * (107/100 - 1) / 100 = 882.

Step 4: Solve for the principal (sum of money):
- Simplifying the equation further, we get: P * R1 * 3 * (7/100) / 100 = 882.
- Cancelling out the common factors, we get: P * R1 * 7 / 10000 = 882.
- Dividing both sides of the equation by R1, we get: P * 7 / 10000 = 882.
- Multiplying both sides of the equation by 10000/7, we get: P = 882 * 10000/7.
- Calculating the value of P, we find: P ≈ 12557.14.

Therefore, the sum of money invested at the higher rate is approximately Rs 12,557.14.
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A certain sum of money was invested at simple rate of interest for 3 years. If it was invested at 7% higher, the interest have been rs 882 more, then sum has been invested at that rate was?
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A certain sum of money was invested at simple rate of interest for 3 years. If it was invested at 7% higher, the interest have been rs 882 more, then sum has been invested at that rate was? 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 3 years. If it was invested at 7% higher, the interest have been rs 882 more, then sum has been invested at that rate was? 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 3 years. If it was invested at 7% higher, the interest have been rs 882 more, then sum has been invested at that rate was?.
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