Question

A sum was put at simple interest at a certain rate for 2 years. Had it been put at 1% higher rate. It would have fetched rs. 24 more. The sum is:

Answer 1

2÷24 =12rs
1×24÷100=0.24




I hope this will help you.

Answer 2

Answer:1200

Step-by-step explanation:

Say P is the sum put at simple interest and R is the initial rate of interest.

Formula for Simple interest is, I=P×T×R100 , where T is the time period.

∴ Initial interest  I=P×2×R100

When rate of interest is (R+1), interest is (I+24)

⇒I+24=P×2×(R+1)100=P×2×R100+P×2100

⇒ I + 24 = I + [(P × 2)/100]

⇒ (P× 2) = 24 × 100

⇒ P = Rs.1200