Question

What sum of money lent out at 4% per annum simple interest produces rupee 500 as interest in 3 years?​

Answer 1

Answer:

principal = si ×100/t×r

then p= rs 4166.66approx

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Answer 2

The sum of money is Rs. 4166.67.

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Let's understand a few concepts:

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

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

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Let's solve the given problem:

Let "P" represent the sum of money (i.e., Principal).

The no. of years (T) = 3 years

The rate of simple interest (R) = 4% p.a.

The simple interest = Rs. 500

Therefore, by using the above formula, we can form the following equation,

500 = (P × 4 × 3) / 100

⇒ 500 = (P × 12) / 100

⇒ 500 × 100 = 12P

⇒ 50000 = 12P

⇒ P = Rs. 4166.67

Thus, the sum of money lent out at 4% per annum simple interest produces rupee 500 as interest in 3 years is Rs. 4166.67.

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