a sum was put at si at a certain rate for 3 years. had it been put at 4% lower rate, it would have fetched rs. 600 less. find the sum.
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Simple interest = Principle × rate × time
Let the rate be x
And the amount be p
In three years the interest will be :
SI = P × x × 3 = 3xp
If the interest rate were 4% lower then.
SI = P(x - 0.04) × 3
= p(3x - 0.12)
The difference gives 600
3xp - 3xp + 0.12p = 600
0.12p = 600
P = 600/0.12
= 5000
The sum is rs 5000
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