Question

If the rate of simple interest is 20% per annum then what is the amount that would fetch interest of 6000 per annum

Answer 1

Answer:

30000

Step-by-step explanation:

Interest = 6000

Rate = 20%

Time = 1 year (since we are calculating on per year basis)

Interest = Principal × rate/100 × time

6000 = Principal × 20/100 × 1

6000 = Principal × 1/5

6000 × 5 = Principal

30000 = Principal

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