Select the correct answerA sum was invested on simple interest at a certain rate for 2 years. Had it been put at 3% higher rate, it would have fetched 72 more. The sum isOptions1,6001,5001,2001,800
Question
Select the correct answerA sum was invested on simple interest at a certain rate for 2 years. Had it been put at 3% higher rate, it would have fetched 72 more. The sum isOptions1,6001,5001,2001,800
Solution
To solve this problem, we can use the formula for simple interest, which is I = PRT, where I is the interest, P is the principal amount (the initial amount of money), R is the rate of interest, and T is the time.
In this case, we know that the difference in interest is 72 when the rate is increased by 3% for 2 years. So, we can set up the equation as follows:
72 = P * 3/100 * 2
Solving for P, we get:
P = 72 / (3/100 * 2) = 1200
So, the sum is 1,200. Therefore, the correct answer is 1,200.
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