If simple interest incurred on a certain sum of money after 2.5 years at 3(1/4)% rate of interest per annum is 390 then what is the value of the sum
O $2,100
O $4,900
O $7,000
0 $4,800
Answers
Answered by
6
Answer:
= 390 ÷ ( 2.5× 3.25%)
= 4800
Answered by
1
Given: The simple interest incurred on a certain sum of money after 2.5 years at 3(1/4)% rate of interest per annum is 390.
To find: The value of the sum.
Solution:
- Simple interest is calculated using the given formula,
- Here, I is the simple interest on the sum, P is thr principle amount or the sum, R is the rate of interest and T is the time period.
- The rate of interest is given in the form of a mixed fraction, so it is to converted to improper fraction for further calculation,
- On replacing the terms with the values given in the question,
Therefore, the value of the sum is Rs. 4800.
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