Vijaya borrowed a certain sum of money from her friend.At the end of 4 years, at a rate of interest of 3%pa,she returned ₹9520 to her friend.Find the sum of money Vijaya borrowed from her friend.
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Vijaya borrowed a certain sum of money from her friend.At the end of 4 years, at a rate of interest of 3%pa,she returned ₹9520 to her friend.
Given,
T = 4 years
R = 3%
A = ₹9520
I = PTR/100
= P × 4 × 3 / 100
= 0.12P
A = P + I
9520 = P + 0.12P
9520 = 1.12P
P = 9520 / 1.12
P = ₹ 8500
The sum of money Vijaya borrowed from her friend is ₹ 8500
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