a farmer purchasing seeds and fertilizers borrowed on loan from a co operative bank after 2 years he paid rupees 3638 and settled the amount if the rate of simple interest is 3.5 %per annum what sum did he borrow
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ANSWER
Given that,
Amount (A)=Rs.5434
Time (T)=2 years
Rate of interest (R)=2
4
1
% =
4
9
%
Principle (P)=?
∵A=P(1+
100
TR
)
⟹5434=P(1+
4×100
2×9
)
⟹5434=P(1+
200
9
)
⟹5434=P(
200
209
)
⟹P=5434×
209
200
=26×200=5200
∴ Sum borrowed =Rs.5200
Step-by-step explanation:
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