Question

TIME VALUE OF MONEY
4.5
EXERCISE
2
: Pick up the correct answer from the following:
The sum of money that amount to * 1,110 in 10 years at the rate of 5% simple interest
will be -​

Answer 1

We know:-

Interest=PRT/100

Given: A=Rs1110

A=P+I

P=A-I

=Rs1110-I.

So I={(1110-I)*5*10}/100

I=1110-I/2

=2I=1110-I

=3I=1110

I=1110/3

=Rs 370

We have to find P.

P=A-I

=Rs1100-Rs370

=Rs740

Thats the answer mate:Rs740

Hope it helps:-)

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