Question

3. What sum will earn an interest of 480 in 2 1/2
years at the rate of 3% per annum simple
interest​

Answer 1

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Here is the answer for your question!

Question:- What sum will earn an interest of 480 in 2 1/2 years at the rate of 3% per annum simple interest

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Answer:-

Let the principal amount be P

• P = Principal amount
• r = Rate = 3%
• I = intrest = 480
• t = Time = 2 1/2 = 2.5 years

Formula for simple intrest:-

I = P × r × t (p = principal , r = rate, t = time, I = intrest)

substituting values ;

480 = P × 3/100 × 2.5 (3% = 3/100)

480 = P × 0.075

P = 480 ÷ 0.075

P = 6400

A sum of 6400₹ will earn an intrest of 480₹ in 2 1/2 years at an intrest rate of 3% per annum

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