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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 A
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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 $\begin{array}{l}\frac{(P \times 2 \times(R+2))}{100}-\frac{(P \times 2 \times R)}{100}=60 \\ \frac{2 P R+4 P-2 P R}{100}=60 \\ 4 P=60 \times 100 \\ \text { Or, } P=\frac{60 \times 100}{4} \\ \text { Hence, } P=\text { Rs. } 1500\end{array}$

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