If a sum of money becomes ₹915 in 8 years at 2 3/4% p.a. find the sum of money.
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Answer:
Rs.75
Step-by-step explanation:
Amount (A) = Rs.915
Let the principal be P.
Simple Interest (SI) = Rs.(915-P)
Rate (R) = 11/4 %
Time (T) = 8 years
SI = PRT/100
915 - P = P × 11/4 × 8 × 1/100
915 - P = P × 11/50
50 (915 - P) = 11P
4575 - 50P = 11P
4575 = 11P + 50P
4575 = 61P
P = 4575 ÷ 61
P = 75
Hence, the sum is Rs.75
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