Question

A sum was put at simple interest at a certain rate for $5$ years. Had it been put at $2\%$ higher rate, it would have fetched Rs. $450$ more. Find the sum.

Answer 1

$\frac{P(r+2)5}{100}-\frac{Pr\times 5}{100}=450$

$\frac{5P(r+2-r)}{100}=450$

$2P=80\times 100$ $\therefore P=4,500$ rupees