A sum when reckoned at 7 whole 1 by 2% per annum amounts to 3920 in 3 years find the sum
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We are given
- Amount (A) = 3920
- Rate (R) = 7.5%
- Time (T) = 3 years
The formula for simple interest (S.I.) is
(P*R*T)/100
A = S.I. + P
⇒ 3920 = {(P*R*T)/100} + P
⇒ 3920 = {(P*7.5*3)/100} + P
⇒ 3920 = {(P*22.5)/100} + P
Here we will take L.C.M of 100 and 1
⇒ 3920 = (22.5P + 100P)/100
⇒ 3920*100 = 122.5P
⇒ 392000/122.5 = P
P = 3200
Hence, the sum is 3200.
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