Question

At which sum the simple interest at the rate of 15/4% per annum will be Rs. 210 in 7/3 years? 

Answer 1

Sum = (100 * 210)/(15/4 * 7/3)

        = 21000 * 4/35

        = 2400.

Answer 2

The value of sum invested is Rs 24000.

We know that the formula for calculation of simple interest (S.I.) is:

SI = (P×R×T/100)

where P is the principal value,

R is the rate% p.a.

T is the total time taken.

From the question,

R = 15/4% p.a, T = 7/3 years and SI is Rs 210.

Putting these values, we get,

210 = (P×[15/4]×[7/3] / 100)

⇒ 8.75P/1000 = 210

⇒ P = (210 × 1000)/(8.75)

= Rs 24000

Principal value is Rs 24000