Question

What sum of money amounts to Rs. 5000 in 10 years at the
rate of 10% interest?
(Ans: Rs. 2500)​

Answer 1

The value of the sum of the money is Rs. 2500.

Given:

Amount (A) = Rs. 5000

Time period (T) = 10 years

Rate of interest (R%) = 10%

To find:

The sum of money i.e. (principal) needs to be determined.

Solution:

The formula for the simple interest is:

Simple Interest (S.I.) = $\frac{(P)\times(R)\times(T)}{100}$

Where P is the principal also known as the sum whose value is to be determined.

⇒ (S.I.) × 100 = P × 10 × 10

⇒ (S.I.) = P × $\frac{100}{100}$

⇒ (S.I.) = P ........ (1)

Also, Amount = Principal + Simple Interest

Put this value of S.I. = P from equation (1) in the above equation and amount (A) equals to Rs. 5000.

⇒ Amount = P + P

⇒ 5000 = 2P

⇒ P = $\frac{5000}{2}$

⇒ P = Rs. 2500

Therefore, the value of the sum or principal (P) is Rs. 2500.

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