What sum would yield an interest of$400 in 3 years at 3% per annum?
Answers is Rs 4444.44
Only give explanation.
Answers
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6
Answer:
4444.44
Step-by-step explanation:
Given,
Interest earned in 3 years at 3% p.a. is $400.
We know that,
I = P*R*T/100
Here, I = interest, P is principal, R is rate of interest and T is time period.
=> $400 = (P×3×3)/100
=> $400 = P(9)/100
=> $400 × 100/9 = P
=> $40000/9 = P
=> $ 4444.444 = P
Hence the required sum is $4444.44
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