A sum was put at simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 112 more. The sum is:
Question
A sum was put at simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 112 more. The sum is:
Solution
To solve this problem, we can use the formula for simple interest, which is I = PRT/100, where I is the interest, P is the principal amount (the initial sum), R is the rate of interest, and T is the time in years.
From the problem, we know that if the rate was 4% higher, the interest would have been Rs. 112 more. So we can set up the equation:
112 = P * 4 * 2 / 100
Solving for P, we get:
P = 112 * 100 / (4 * 2) = Rs. 1400
So, the initial sum was Rs. 1400.
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