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Question
Reshma put an amount at simple interest at a certain rate for 3 years. Had she been put at a 2% higher rate, she would have received Rs 360 more. Find the sum.
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Solution
Let P and R represent the principal amount and rate of interest p.a. respectively.
Given duration = T = 3 years
Simple interest = `"PRT"/100 = (3"PR")/100`
Given that, had the amount been kept at 2% more, then gain would have been ₹ 360 more.
i.e. `("P"("R" + 2)(3))/100 = (3"PR")/100 + 360`
∴ `(3"PR")/100 + (6"P")/100 = (3"PR")/100 + 360`
∴ `(6"P")/100 = 360`
∴ P = 6000
∴ The sum of money is ₹ 6,000.
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