Kirti invested a sum of money at a certain rate of simple interest per annum for 3 years in "Bachat scheme". Had she invested the same sum in "Shiksha scheme" for 3 years which has a 2% higher simple interest rate per annum, the investment would have fetched ₹ 540 more. How much did Kirti invest?
Answer & explanation
Correct answer: option 2
By using formula ,
Simple Interest = \(\frac{Principal × Rate × Time }{100}\)
Amount = Principal + Simple Interest
Simple Interest in " Bachat Scheme" = \(\frac{P × R × 3 }{100}\)
Simple Interest in " Shiksha Scheme" = \(\frac{P ×( R+2) × 3 }{100}\)
ATQ,
[ P + \(\frac{P ×( R+2) × 3 }{100}\) ] - [ P + \(\frac{P ×R × 3 }{100}\) ] = Rs. 540
\(\frac{P ×( R+2) × 3 }{100}\) - \(\frac{P ×R × 3 }{100}\)= Rs. 540
P ×R ×3 + p ×6 - P ×R × 3 = 54000
p ×6 = 54000
P = \(\frac{54000}{6 }\)
= Rs.9000