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Home Aptitude Simple Interest See What Others Are Saying!
  • Question
  • The total simple interest earned on a sum of money increases by Rs. 600 when the rate of interest increases by 2% per annum. If the investment was made for 5 years, find the sum of money that was invested ?


  • Options
  • A. Rs. 6000
  • B. Rs. 5550
  • C. Rs. 7500
  • D. Rs. 6580

  • Correct Answer
  • Rs. 6000 

    Explanation

    Let the sum invested be Rs. P

    Let the rate of interest be R% per annum

    => Interest earned for 5 years = (P x 5 x R/100) = PR/20

    Now, given that the interest earned increased by Rs. 600 if the Rate increased to (R+2)%

    => SI = (P x 5 x (R+2))/100 = PR/20 + 10P/100

    Hence,

    PR/20 + 10P/100 = PR/20 + 600

    => P = 6000

    Therefore, the sum invested is Rs. 6000

  • Tags: AIEEE, Bank Exams, CAT, GATE, Bank Clerk, Bank PO

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