A certain sum is invested under simple interest for 9 years at a certain rate of interest. Had the rate of interest been 1% more, the interest for 9 years would have been Rs. 234 more. Find the sum.
1. Rs. 3500
2. Rs. 2600
3. Rs. 2500
4. Rs. 3600
1. Rs. 3500
2. Rs. 2600
3. Rs. 2500
4. Rs. 3600
Correct Answer – Option 2 : Rs. 2600
Given:
A certain sum is invested under simple interest for 9 years at a certain rate of interest.
Had the rate of interest been 1% more, the interest for 9 years would have been Rs. 234 more.
Formula:
S.I = PRT/100
Where, P = Principal
R = Rate of interest
T = Time taken
Calculation:
Let the sum be P and rate of interest be r
[(P × r × 9)/100] + 234 = [P × (r + 1) × 9]/100
⇒ 234 = P × (9/100)
⇒ P = 234 × (100/9)
⇒ P = Rs. 2600
∴ The sum is Rs. 2600