A certain sum of money is given at a certain rate for 3 years. Had it been given at 5% higher rate, it would have fetched ₹600 more. Find the sum.
Answer & explanation
Correct answer: option 4
P (Principal)= 100%
Time = 3Y
Rate of interest is increases by = 5%
Then total rate of interest increases = Time x Rate% (3 x 5% = 15%)
ATQ
15% = 600
1% = 600/15= 40
100% = 4,000
Answer= 4,000