sum of money amounts to Rs. 1500 in 5 years at 10% per annum at simple interest. Find the sum. *
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Answer:
P × R × T
Formula for Simple Interest (S.I) = ---------------
100
P = Principle = ₹1500
R = Rate of Interest = 10%
T = Time Period = 5 years
1500 × 10 × 5
Simple Interest = -----------------------
100
= 75000/100
(Cutting of zeros)
S.I = ₹750
Total Amount = P + S.I
= ₹1500 + ₹750
= ₹2250
Sum of Money = ₹2250
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