Question

On investing how much amount at 5% per annum will get interest of 575 in 7 years 8 months?​

Answer 1

Answer:

Let the amount be A, time=7 yrs 8 months=(23/3) yrs

It is a case of simple interest

575=A.(5/100).(23/3)

A=575×100×3/(5×23)=1500

Answer 2

Answer:

Assuming question is asking about simple interest,

I = P*R*N

or P = I / R*N

Here, I = 575, R = 5% (=0.05), N = 92 Months = 92/12 (Normally N is denoted in years)

Therefore, P = 575 / (0.05*92/12)

= 575*12*100 / 5 *92

575 = 23*25, and 92 = 23*4

Divide 23 on both sides, we get

= 25*12*100 / 5

= 60*100

= 6000

Principle amount will be 6000.

Hope this clarifies.