Question

A sum was put at 10%simple rate of interest for 3 year.had it been put at 12% simple rate of interest per annum,it has fetched 12 more. What is the sum ? please solve​

Answer 1

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