Simple interest a sum of money at a 20% pee annum for 2 years is Rs. 200.What is the sum?
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Answer:
The principal amount is Rs.500 and the sum/amount is Rs.700.
Step-by-step explanation:
Formula for Principal amount is
P= SI*100/Rate of Interest*Time
= 200*100/20*2
= 20000/40
= Rs.500
Formula for sum/amount is = Principal amount + Simple Interest
= Rs.500+Rs.200
= Rs.700
The above calculation proves that the sum/amount is Rs.700
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