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16 November, 04:52

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.

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  1. 16 November, 07:03
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    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
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