Question

A Sum of money amounts RS 2484 at 5% per annum Find the interest on the same sum for a months at 2 1/2% per annum ​

Answer 1

Step-by-step explanation:

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Class 11

>>Applied Mathematics

>>Basics of financial mathematics

>>Accumulation with simple and compound interest

>>A sum of money invested at simple intere

Question

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A sum of money invested at simple interest amounts to 2480 at the end of four years and 4080 at the end of eight years. Find the principal.

Hard

Solution

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Correct option is D)

Simple Interest SI=

100

PNR

Also Amount A=P+SI

So, for four years,

2480−P=

100

P×4×R

-- (1)

And, for eight years,

4080−P=

100

P×8×R

-- (2)

Subtracting equation (1) from equation (2), we get

=>1600=

100

4PR

=>PR=40,000

Substituting it in equation (1), we get

2480−P=

100

4×40,000

=>P=Rs 880