Question

you have a bank deposit simple interest of 6% at one year that has grown to $3750 after 3 yr find p

Answer 1

Given :

Total Amount : $3750

Rate of interest : 6%

Time : 3 years

To find :

The principle amount deposited in the bank.

Solution :

First, we should find the simple interest.

Simple Interest :

$\sf \dashrightarrow SI = \dfrac{P \times R \times T}{100}$

$\sf \dashrightarrow \dfrac{P \times 6 \times 3}{100}$

$\sf \dashrightarrow \dfrac{P \times 18}{100}$

$\sf \dashrightarrow \dfrac{P \times 9}{50}$

$\sf \dashrightarrow SI = \dfrac{9P}{50}$

Now, we can find the principle value by the formula of total amount.

Principle :

$\sf \dashrightarrow Total \: Amount = SI + P$

$\sf \dashrightarrow 3750 = \dfrac{9P}{50} + P$

$\sf \dashrightarrow 3750 = \dfrac{9P + 50P}{50}$

$\sf \dashrightarrow 3750 = \dfrac{59P}{50}$

$\sf \dashrightarrow \dfrac{59P}{50} = 3750$

$\sf \dashrightarrow 59P = 3750 \times 50$

$\sf \dashrightarrow 59P = 187500$

$\sf \dashrightarrow P = \dfrac{187500}{59}$

$\sf \dashrightarrow P = 3177.96$

Hence, the principle amount deposited in the bank is ₹3177.96.