A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:
Q1. A sum was put a simple interest at a certain rate for 2 years. Had it been put at 4% higher rate, it would have fetched Rs. 60 more. The sum is:
Answer: Rs0.75
Explanation: Extra interest over 2 years = P × 4% × 2 = 0.08P = 60, so P = Rs. 750.