A sum was invested for 4 yr at a certain rate of simple interest. If it had been invested at 2% more annual rate of interest, then ₹ 56 more would have been obtained. What is the sum?
Correct Answer: ₹ 700
Explanation:
According to the question
[P x (R + 2) x 4]/100 - [P x R x 4]/100 = 56
⇒ (4PR + 8P - 4PR)/100 = 56
⇒ 8P/100 = 56
∴ P = (56 x 100)/8 = ₹ 700
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