A sum of money was put at simple interest at x% p.a. for 3 years. Had it been at (x+1)% p.a., it would have fetched Rs. 48 more. The sum (in Rs.) is:
- A1,800
- B1,500
- C1,750
- D1,600
Solution & Step-by-step Explanation
Let the Principal sum be P.
Time (T) = 3 years
The difference in rate of interest is (x+1)%−x%=1% per annum.
Therefore, the extra interest earned over 3 years is due to this 1% annual increase:
Total extra interest percentage=1%×3=3% of P
Given that this extra interest is equal to Rs. 48:
3% of P=48
100
3
×P=48
P=
3
48×100
P=16×100=Rs. 1600
Time (T) = 3 years
The difference in rate of interest is (x+1)%−x%=1% per annum.
Therefore, the extra interest earned over 3 years is due to this 1% annual increase:
Total extra interest percentage=1%×3=3% of P
Given that this extra interest is equal to Rs. 48:
3% of P=48
100
3
×P=48
P=
3
48×100
P=16×100=Rs. 1600