Question

What sum of money lent out at simple interest at 4.5% per annum for 3 years will produce the same interest at Rs 450 lent at 3% per annum? please solve this for me.

Answer 1

Answer:

Step-by-step explanation:

we know that the simple interest formula is

PRT/100, where P is the principle sum, R is the rate of interest and T is the time.

ACCORDING TO QUESTION

Interest 1 = Interest 2

450 x 3 x 3/100 = P x 4.5 x 3 /100

cancelling 3/100 from both sides, we get

450 x 3 = P x 4.5

P = 450/4.5 x 3

P = 300

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