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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?

Rs. 600
Rs. 800
Rs. 1200
Rs. 480

Correct Answer: Rs. 1200

Explanation:

Let sum = P and original rate = R% per annum
Then, [(P x (R + 1) x 2)/100] - [(P x R x 2)/100] = 24
⇒ P = 1200

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