A certain sum (in ₹)is invested at simple interest at x% p.a. for 5 years. Had it been invested at (x + 5)% p.a., the simple interest would have been ₹9,200 more than the earlier one. What is the sum?
Answer & explanation
Correct answer: option 1
By using formula ,
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
Let principal = P
ATQ,
\(\frac{P × (x+5) × 5 }{100}\) - \(\frac{P × x × 5 }{100}\) = 9200
5× P× x + 25× P - 5× P× x = 92000
P = \(\frac{920000 }{25 }\) = 36800
So , Sum is 36800.