Question

A sum of money was put at simple interest at a certain rate for 2 years. If this sum had been put
at 3% higher rate, it would have earned 720 more as interest. Find the sum.

​ I WANT NOTEBOOK SOLUTION
STEP BY STEP
WITH ALL THE SIMPLIFICATION ​

Answer 1

Answer:

P= 12000

Step-by-step explanation:

Let the rate be R

P = P

T = 2

I =I

R = I ×100/P× 2 = 50I/P

P = 50I/R

P = P

R = R+3

T = 2

I = I+720

P= I ×100/R ×T

P = (I+720) ×100/(R+3) × 2 = 50(I+720)/(R+3)

P= (50I + 36000)/R+3

Equating the values

50I/R = 50I +36000/R+3

50I(R+3)/R = 50I + 36000

50IR + 150I = 50IR + 36000R

150I = 36000R

15I = 3600R

5I = 1200R ; I = 240R

Putting Value of I in terms of R in Equation of P

P= 50I/R = 50×240R/R = 12000