Question : A sum was invested on simple interest at a certain rate for 2 years. If the interest rate is increased by 4%, then the interest increases by Rs. 160. What is the sum (in Rs.) invested?
Option 1: 2000
Option 2: 3000
Option 3: 3500
Option 4: 4000
Answer (1)
14th Jan, 2024
Correct Answer: 2000
Solution :
Given: Simple interest for 2 years at 4% per annum = Rs. 160
We know,
Simple interest, SI =
The increase in interest is due to an increase in the rate for two years.
Let the principal be P.
SI for 2 years at 4% = Rs. 160
⇒
Hence, the correct answer is 2000.
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