Question

What sum will yield * 406 as simple interest in 1 year 2 months at 67% per annum?
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Answer 1

Solution :-

→ Principal = Let P

→ Rate of interest = 67% per annum.

→ Time = 1 year 2 months = 1 + (2/12) = 1 + (1/6) = (7/6) years.

→ SI = 406 = ( Principal * Rate * Time) / 100

Putting all values we get,

→ 406 = (P * 67 * 7) / (100 * 6)

→ P = (406 * 600)/(67 * 7)

→ P = (243600)/(67 * 7)

→ P ≈ Rs. 519.40 (Ans.)

Hence, Required sum will be Rs. 519.40 (Approx).