Question : A certain sum of money is given at a certain rate for 3 years. Had it been given at a 5% higher rate, it would have fetched INR 600 more. Find the sum.
Option 1: INR 8,000
Option 2: INR 5,000
Option 3: INR 6,000
Option 4: INR 4,000
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Correct Answer: INR 4,000
Solution :
Increase in simple interest for 3 years at a 5% higher rate = INR 600
Increase in simple interest for 1 year at a 5% higher rate = $\frac{600}{3}$ = INR 200
Let $P$ be the principal sum.
$\frac{PnR}{100}$ = S.I.
⇒ $\frac{P×1×5}{100}$ = INR 200
⇒ $P$ = $\frac{20000}{5}$ = 4000
Hence, the correct answer is INR 4000.
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