Multiple choice

Preeti invested a sum of money at a certain rate of simple interest per annum for 3 years in \"Bachat scheme\". Had she invested the same sum in \"Shiksha scheme\" for 3 years which has a 2% higher simple interest rate per annum, the investment would have fetched ₹450 more. How much did Preeti invest?

  1. ₹ 7000

  2. ₹ 7500

  3. ₹ 8000

  4. ₹ 9000
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Let principal be P and rate be R%. Difference in interest = P×3×(R+2)/100 - P×3×R/100 = 6P/100 = 450. Solving: 6P = 45000, P = 7500. The additional 2% for 3 years gives 6% extra interest, which equals ₹450.

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