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A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

Correct answer: D. Rs.6000

  • A. Rs.4000
  • B. Rs.9000
  • C. Rs.5000
  • D. Rs.6000

Explanation

The extra interest from a 2 percentage-point increase over 3 years is principal x 0.02 x 3 years = principal x 0.06. Hence, principal = Rs. 360/0.06 = Rs. 6000. The likely trap is Rs. 9000, which can result from using only 2% once and failing to account for all 3 years.

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