Question

14. A sum of money is invested for 3 years at a particular rate of interest. If the rate of interest
were 3% p.a. higher, the interest would have been 1467 more. Find the sum of money.
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Answer 1

Step-by-step explanation:

Given: Rate of interest (R)=3%

Time(T)=3 years

Simple interest (I)=1467

To find: Sum of money i.e. Amount(A)

Solution/Calculation:

I=P×R×T/100

1467=P×3×3/100

1467×100/9=P

P=146700/9

P=16300

Amount=Principle+Interest

=16300+1467

=17767.