Question

Find the principal amount of which the interest for 6 months is ₹ 960, at the rate of 7.5 %.

Answer 1

Let the principle amount be x then :

The formula :

X(1.075)^0.5 = x + 960

X × (1.0368) = X + 960

1.0368X = X + 960

1.0368X - X = 960

0.0368X = 960

X = 960/0.0368 = 26086.957

Rs 26086.957