A sum was put at simple interest at a certain | vedclass

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(B) Let the principal sum be $P$ and the original rate of interest be $R \%$.Simple Interest $(SI)$ is given by the formula: $SI = \frac{P 	imes R

Vedclass · Accepted Answer

$700$

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(B) Let the principal sum be $P$ and the original rate of interest be $R \%$.Simple Interest $(SI)$ is given by the formula: $SI = \frac{P 	imes R 	imes T}{100}$.According to the problem,the time $T = 4$ years.If the rate is increased by $2 \%$,the new rate becomes $(R + 2) \%$.The difference in simple interest is given as ₹ $56$.So,$\frac{P 	imes (R + 2) 	imes 4}{100} - \frac{P 	imes R 	imes 4}{100} = 56$.$\frac{4P}{100} 	imes (R + 2 - R) = 56$.$\frac{4P}{100} 	imes 2 = 56$.$\frac{8P}{100} = 56$.$P = \frac{56 	imes 100}{8} = 7 	imes 100 = 700$.Therefore,the sum is ₹ $700$.

$A$ sum was put at simple interest at a certain rate for $4$ $years$. Had it been put at $2 \%$ higher rate,it would have fetched ₹ $56$ more. Find the sum (In ₹).

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