Question

A certain sum of money amounted to rs 575 at 5% interest

Answer 1

equation is

(x*5*1)/100=575   {if t is taken =1}

x/20=575

x=11500

hence the sum of money is 11500

Answer 2

Answer:

3 years

Principle 500

Explanation:

A=P(1+it)

840=750(1+0.04*t)

840/750=(1+0.04t)

1.12= 1+0.04t

0.12=0.04t   t= 0.12/0.04 3years

575=P(1+(0.05*3)

575=P(1.15)

575/1.15 = P   P= 500