Join ExamsbookAnswer : 1. "Rs. 6000"
The total simple interest earned on a sum of money increases by Rs. 600 when the rate of interest increases by 2% per annum. If the investment was made for 5 years, find the sum of money that was invested ?5
Q: The total simple interest earned on a sum of money increases by Rs. 600 when the rate of interest increases by 2% per annum. If the investment was made for 5 years, find the sum of money that was invested ?
- 1Rs. 6000true
- 2Rs. 5550false
- 3Rs. 7500false
- 4Rs. 6580false
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Answer : 1. "Rs. 6000"
Explanation :
Answer: A) Rs. 6000 Explanation: Let the sum invested be Rs. P Let the rate of interest be R% per annum => Interest earned for 5 years = (P x 5 x R/100) = PR/20 Now, given that the interest earned increased by Rs. 600 if the Rate increased to (R+2)% => SI = (P x 5 x (R+2))/100 = PR/20 + 10P/100 Hence, PR/20 + 10P/100 = PR/20 + 600 => P = 6000 Therefore, the sum invested is Rs. 6000