Question

what sum of money borrowed on 24 may will amount to 10210.20 on 17 october of the same year at 5% per annum simple interest

Answer 1

Here, time

    May  June   July   August  September  October

=    7   +  30  +  31 +   31     +      30        +   17        

=146 days

=146/365 years.

 R=5% per annum and let principal=P

∴, S=(P×T×R)/100

or, 10210.20=[P×(146/365)×5]/100

or, 10210.20×100=(P×146×5)/365

or, 1021020=(P×146)/73

or, 1021020=P×2

or, P=1021020/2

or, P=510510 Ans.

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Answer 2

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