Question
Download Solution PDFA certain sum of money is given at a certain rate of simple interest for 4 years. Had it been given at 11% higher rate for the same time, it would have fetched ₹1320 more. Find the sum (in ₹).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple interest for 4 years.
Increase in interest rate = 11%
Additional interest earned = ₹1320
Formula Used:
Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
Calculation:
Let the principal sum be ₹P.
Time (T) = 4 years
Increase in rate (R) = 11%
Additional interest = ₹1320
Using the formula for simple interest, the additional interest can be expressed as:
Additional Interest = P × 11 × 4 / 100
⇒ 1320 = P × 44 / 100
⇒ 1320 = 44P / 100
⇒ 1320 × 100 = 44P
⇒ 132000 = 44P
⇒ P = 132000 / 44
⇒ P = 3000
The sum of money is ₹3000.
Last updated on Jun 17, 2025
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