Question

What sum of money will yield ₹70.10 as simple interest in 2 years 3months at 6% per annum?

Answer 1

Step-by-step explanation:

Here,

I=Rs 170.10

T=2 years 3 months =2123 years =241 years=49 years

R=6%

Hence,

P=(R×T)(I×100)

=Rs 6×49170.10×100

On calculating further, we get,

P=Rs 6×9170.10×100×4=Rs 6×917010×4=Rs 3×917010×2=Rs 2734020=Rs 1260