A sum of money was invested in a bank at 8% simple interest p.a. for 3 years. Instead had it been invested in mutual fund at 8.5% p.a. simple interest for 4 years, the earning would have been Rs.500 more. What is the sum invested?
Choose one
A) Rs.4500  B) Rs.5000  C) Rs.3500  D) Rs. 5500  E) Rs. 6500
Let the sum be Rs.x   S.I from the bank = x*8*3/100 = 34x/100Earnings in the form of interest from mutual fund = (x * 8.5   *4)/100 = 34x/100   Given that 34x/100 - 34x/100 = Rs.500 ; x = 5000   : . The sum invested = 5000   ANSWER:Rs.5000
<result>B</result>
A sum of money was invested in a bank at 8% simple interest p.a. for 3 years. Instead had it been invested in mutual fund at 8.5% p.a. simple interest for 4 years, the earning would have been Rs.500 more. What is the sum invested?