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Q.
The total simple interest earned on a sum of money increases by Rs. 600 when the rate of interest increases by 2% per annum. If the investment was made for 5 years, find the sum of money that was invested ?
A.
Rs. 6000
B.
Rs. 5550
C.
Rs. 7500
D.
Rs. 6580
View Answer
Correct choice: A
Explanation:
Let the sum invested be Rs. P Let the rate of interest be R% per annum => Interest earned for 5 years = (P x 5 x R/100) = PR/20 Now, given that the interest earned increased by Rs. 600 if the Rate increased to (R+2)% => SI = (P x 5 x (R+2))/100 = PR/20 + 10P/100 Hence, PR/20 + 10P/100 = PR/20 + 600 => P = 6000 Therefore, the sum invested is Rs. 6000
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