A man deposited some amount of money in a bank at a certain simple rate of interest for 3 years. Had he deposited the money at a 2% higher rate of interest, he would have fetched Rs. 360 more. Find the amount deposited in the bank.
ARs. 6200
BRs. 7000
CRs. 6500
DRs. 6000 ✓ Correct
Correct answer: (D) Rs. 6000
Explanation
The deposited amount is Rs. 6000.
The extra interest comes only from the 2% higher rate over 3 years.
Under simple interest, extra = P x (2/100) x 3 = 0.06 x P.
0.06 x P = 360, so P = 360 / 0.06.
P = 6000.
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