What sum of money lent out at 16% per annum simple interest would produce Rs160 as interest in 2 years
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S = simple interest, P = sum of money, R = rate of interest, N = time period
So as S = PRN/100
160 = P×16×2/100
160 = P×32/100
16000 = P×32
therefore P = 16000/32
P = 500
therefore the money will be Rs 500
So as S = PRN/100
160 = P×16×2/100
160 = P×32/100
16000 = P×32
therefore P = 16000/32
P = 500
therefore the money will be Rs 500
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