A sum was put at simple interest at certain rate for 3 years. Had it been put at 2% lesser ratio,it would have fetch Rs.600 less.Find the sum.Rs.1000
Question
A sum was put at simple interest at certain rate for 3 years. Had it been put at 2% lesser ratio,it would have fetch Rs.600 less.Find the sum.Rs.1000
Solution
The problem is about simple interest and we can use the formula for simple interest to solve it. The formula for simple interest 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.
According to the problem, if the rate of interest was 2% less, the interest earned would have been Rs. 600 less. We can set up the equation as follows:
P * 3 * R/100 - P * 3 * (R-2)/100 = 600
Solving this equation will give us the value of P (the initial sum).
Let's simplify the equation:
3PR/100 - 3P(R-2)/100 = 600 3PR - 3PR + 6P = 60000 (after multiplying through by 100) 6P = 60000 P = 60000 / 6 P = Rs. 10000
So, the initial sum was Rs. 10000.
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