A sum was put at simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 400 more. Find the sum.
Rs. 5000
Rs. 3500
Rs. 4500
Rs. 5500
Explanation:
For two years we got Rs.400 more so for 1 year, we must get Rs.200 extra. Assume we invested Rs.100 in bank.
If bank gives us 4% higher rate it gives Rs.4 extra.
To get Rs.200 extra we need to invest 200/4 = 50 times of Rs.100. i.e., Rs.5000
For two years we got Rs.400 more so for 1 year, we must get Rs.200 extra. Assume we invested Rs.100 in bank.
If bank gives us 4% higher rate it gives Rs.4 extra.
To get Rs.200 extra we need to invest 200/4 = 50 times of Rs.100. i.e., Rs.5000