Question

A sum of money is invested for 3 year at a particular rate of interest. if the rate of interest were3%p.a. higher,the interest would have been rupees 1467 more. find the sum of money

Answer 1

Answer:

Rs. 16,300/-

Step-by-step explanation:

Let the Principal be P and the rate of interest be r

Hence, I = P*3*r/100

If the rate of interest was 3% more it would be r+3

Hence I+1467 = P*3*(r+3)/100

or I = P*3*(r+3)/100 - 1467

Equating both of them we get;

3Pr/100 = P*3*(r+3)/100 - 1467

3Pr/100 = ((3Pr + 9P - 146700)/100

3Pr = 3Pr +9P -146700

9P = 146700

P = 146700/9 = 16300

Answer 2

Step-by-step explanation:

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