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A sum was put at simple interest at a certain rate for 2 years. Had it been put at 1% higher rate, it would have fetched Rs. 24 more, The sum is ?
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- Rs. 600
- Rs. 800
- Rs. 1200
- Rs. 480
Correct Option: C
Let sum = P and original rate = R% per annum
Then, [(P x (R + 1) x 2)/100] - [(P x R x 2)/100] = 24
⇒ P = 1200
