Rs. XYZ was deposited at simple interest at a specific rate for 3 years. Had it been deposited at 2% higher rate, it would have fetched Rs. 360 more. Find Rs. XYZ.
Let the rate of interest be x% and Principal amount be P
Simple interest in 1st case =Â $$\frac{\left(P\cdot3\cdot X\right)}{100}$$
Simple interest in 2nd case =Â $$\frac{\left(P\cdot3\cdot\left(X+2\right)\right)}{100}$$
Given the difference is 360Â
$$\frac{\left(3\cdot P\right)}{100}\left(X+2-X\right)$$ = 360
So on solving we get P=6000.
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