A sum was invested at simple interest at a certain interest for 2 years. It would have fetched Rs. 60 more had it been invested at 2% higher rate. What was the sum?
A. Rs. 1500 B. Rs. 1300 C. Rs. 2500 D. Rs. 1000 Answer: Option AShow Answer
Solution(By Apex Team)
Let the rate be R at which Principal P is invested for 2 years.
According to question,
{Interest at Rate (R + 2)}% – (interest at rate R%) = Rs. 60
$\begin{array}{l}\frac{(P \times 2 \times(R+2))}{100}-\frac{(P \times 2 \times R)}{100}=60 \\
\frac{2 P R+4 P-2 P R}{100}=60 \\
4 P=60 \times 100 \\
\text { Or, } P=\frac{60 \times 100}{4} \\
\text { Hence, } P=\text { Rs. } 1500\end{array}$
