Question

The simple interest on a sum of money invested at 5% per annum for 3 years was $90. The sum of money invented was.

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Answer 1

Step-by-step explanation:

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Answer 2

The given question is the simple interest on a sum of money invested at 5% per annum for 3 years was $90

we have to find the sum of money invested.

The formula of the simple interest is

$\frac{pnr}{100} = 90$

here we have to find the value of p ( principal amount)

n is the number of years is given as 3 years.

r is the rate of interest given as 5%

The total simple interest value is $90

$\frac{x \times 3 \times \frac{5}{100} }{100} = 90 \\ = \frac{x \times 3 \times 5}{100 \times 100} \\ = \frac{15x}{10000} = 90 \\ = 15x = 90 \times 10000 \\ = 15x = 900000 \\ x = \frac{900000}{15} \\ x = 60000$

The value of x is 60000$

Therefore, the amount invested is 60000$

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