Question

A sum of money is invested for 3 years at a certain rate of interest. Had the rate of interest been 1 %more it would have fetched rupees 18 more than before find the sum of the invested. ​

Answer 1

Answer:  the sum invested = $600

Step-by-step explanation:

Interest (I) = Principal (P) × rate (r) × time (t)

Original amount: I = P × r × 3

Increased by 1%: I + 18 = P × (1+ .01)r × 3

Substitute I with Prt and set the equations equal to each other to find r:

3Pr + 18 = 3.03Pr

Solve for Pr:

         18 = 0.03Pr

   ÷0.03   ÷ 0.03  

      600 = Pr