A sum was invested on simple interest at a certain rate for 3 years. Had it been invested at 2% higher rate, it would have fetched ₹360 more interest. The value of invested sum is :
Answer & explanation
Correct answer: option 3
Case 1: Principal 1 = P1
Rate = R1
Time = 3 years
Simple Interest S1 = P1*R1*3/100
Case 2: Same Principal = P1
Rate = R1+2
Time = 3
S2 = S1+360 = P1*(R1+2)*3/100
(P1*R1*3)/100 + 360 = P1*(R1+2)*3/100
(P1*R1*3)/100 + 360 = P1*(R1+2)*3/100
(P1*R1*3)/100 - (P1*R1*3)/100 - (P1*2*3)/100 +360 = 0
6P1/100 = 360
P1 = 6000
The correct answer is option (3) : ₹6000