A man lent out money at 4% interest for 2 years. What sum he lent if interest he got was rupees 500?
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Answer: The sum of money that the man lent would be Rs 6250.
Step-by-step explanation:
Given that,
Interest rate, R= 4%
Time, T= 2 yrs
Interest, I= Rs 500
Using the formula of simple interest, i.e.
I= P*R*T/100 ( where I= interest, P= sum, R= interest rate, and T= time)
Plugging all the given values in the above equation, we get:
500= P*4*2/100
Rearranging the above expression as follow:
P= 500*100/8
P=6250
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