A sum was invested for 4 yr at a certain
rate of simple interest. If it had been
invested at 2% more annual rate of
interest, then 56 more would have been
obtained. What is the sum?
(a) 680 (b) 700 (c) 720 (d) 7 820
(e) None of these
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Step-by-step explanation:
Answer
Simple Interest=100P×R×N where P is principal, R is rate of interest per annum and N is number of years
A sum was put at simple interest at a certain rate for 4 years
∴S.I=1004PR
Had it been put at 2% higher rate, it would have fetched Rs 56 more
∴S.I′=1004P(R+2)
also S.I′−S.I=56
∴1004P(R+2)−1004PR=56
∴1008P=56
∴P=700
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