A sum was put at simple interest at a certain rate for 4 year had it been put at 3 percent higher rate it would have fetched Rs 1440 more find the sum
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Answer:
The sum of money put at SI was rupees 12,000
Step-by-step explanation:
SI (1) = PRT/100
= 4PR/100
= PR/25 rupees
Now,
3% higher rate = R + 3
P is the same
T is the same
=> SI (2) = 4P(R + 3)/100
= (PR + 3P)/25 rupees
According to the question,
SI (2) = SI (1) + 1440
=> (PR + 3P)/25 = PR/25 + 1440
=> (PR + 3P) /25 - PR/25 = 1440
=> 3P/25 = 1440
=> 3P = 36000
=> P = 12,000
Hence,
The sum of money put at simple interest was rupees 12,000
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