Question

What principal will amount to Rs. 708 in 3 years at 6% simple intrest?

Answer 1

Step-by-step explanation:

principle = ?

Amount =₹708

rate =6percent

time =3 years

amount = principle + simple interest

₹708 = principle + principle × rate × time ÷100

₹708=p. + p. × 6 × 3÷100

708×100÷6×3=principle

3933.33

Answer 2

Rs. 600 will amount to Rs. 708 in 3 years at 6% simple interest.

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Let's understand a few concepts:

To calculate the simple interest we will use the following formula:

$\boxed{\bold{Simple \:Interest = \frac{Principal \times Rate \times Time}{100} }}$

To calculate the amount in simple interest we will use the following formula:

$\boxed{\bold{Amount = Principal + Simple\:Interest }}$

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Let's now solve the given problem:

Let "P" be the sum of money i.e., Principal.

The amount received at the end of 3 years i.e., A = Rs. 708

The no. of years i.e., T = 3 years

The rate of interest i.e., R = 6%

By using the above two formulas of simple interest, we get,

$A - P = \frac{P\times R \times T}{100}$

• on substituting the given values, we get

$\implies 708 - P = \frac{P\times 6 \times 3}{100}$

$\implies 708 - P = \frac{P\times 18}{100}$

$\implies 70800 - 100P = 18P$

$\implies 70800 = 18P + 100P$

$\implies 118P = 70800$

$\implies P = \frac{70800}{118}$

$\implies \bold{P = 600}$

Thus, Rs. 600 will amount to Rs. 708 in 3 years at 6% simple interest.

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