A sum of money was invested at a certain rate of simple

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A sum of money was invested at a certain rate of simple interest for 2 years . Had it been invested at 1% higher rate, it would have fetched ₹24 more inter-est. The sum of money is :

Given that , SI = ₹ 24 , R = 1% , T = 2 years
Let Principal = P
We know that ,

SI =	P × R × T
	100

P × 1 × 2	= 24
100

P =	2400	= ₹ 1200
	2

Second method to solve this question :
P₁ = P, R₁ = R, T₁ = 2.
P₂ = P, R₂ = R + 1, T₂ = 2 , S.I.= Rs. 24

24 =	P(R + 1) 2 - PR2
	100

2400 = 2PR + 2P – 2PR
P = ₹ 1200