Question

What sum of money lent out at 16 per cent per annum simple interest would produce ₹9600 as interest in 2 years 6 months?​

Answer 1

Step-by-step explanation:

Hence, the sum is ₹30,000.

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Answer 2

Given,

Rate of interest (R) $=16\%$ per annum.

Time period (T) $=2$ years $6$ months $=2.5$ years. (Since, $6$ months $=0.5$ year).

Simple interest (I) $=Rs. 9600$.

Here, we need to find the principal amount.

We know that, $I=\frac {P \times T \times R} {100}$.

Where, $I=$ Simple interest.

$P=$ Principal amount.

$T=$ Time period.

$R=$ Rate of interest.

$\implies 9600 = \frac {P \times 2.5 \times 16} {100}$

$\implies 9600 = \frac {P \times 40} {100}$

$\implies 9600 = P \times \frac { 40} {100}$

$\implies 9600 = P \times 0.4$

$\implies P= \frac {9600} {0.4}$

$\implies P=Rs. 24,000$.

Hence, the sum of money lent out is $Rs. 24,000$.