A sum of money lent at certain rate for 3 years. If it has been put at 5% per annum more than the previous rate, it will fetch Rs. 4500 more, then find the principal amount.
1. Rs. 45000
2. Rs. 30000
3. Rs. 50000
4. Rs. 80000
5. Rs. 48000
A sum of money lent at certain rate for 3 years. If it has been put at 5% per annum more than the previous rate, it will fetch Rs. 4500 more, then find the principal amount.
1. Rs. 45000
2. Rs. 30000
3. Rs. 50000
4. Rs. 80000
5. Rs. 48000
1. Rs. 45000
2. Rs. 30000
3. Rs. 50000
4. Rs. 80000
5. Rs. 48000
Correct Answer – Option 2 : Rs. 30000
Given:
Rate of interest = 5%
Time period in years = 3 years
Formula Used:
We know that, SI = (P × R × T)/100
Where, P = Principal
R = rate of interest
T = Time period in years
Calculations:
Let the initial rate be R% and the increased rate is (R + 5)%
According to question;
\(\frac{{{\rm{P}} × 3 × \left( {{\rm{R\;}} + {\rm{\;}}5} \right)}}{{100}} – \frac{{{\rm{P}} × 3 × {\rm{R}}}}{{100}} = 4500\) —(1)
P × 3/100 × (R + 5 – R) = 4500
P × 3/100 × (5) = 4500
P = 4500/15 × 100
⇒ P = Rs. 30000
∴ The principal amount is Rs. 30000