Maths-

General

Easy

Question

# Find the sum which will amount to Rs. 364.80 at 3 % per annum in 8 years at simple interest

Hint:

### Use the formula of total amount and proceed.

## The correct answer is: Rs 285.

### Complete step by step solution:

Let the sum of money = P

We know the formula for total amount = A = P + SI

where A is the total amount, T is the principal amount and R is simple interest.

We know that

where P is Principal amount, T is number of years and R is rate of interest

So, …(i)

Here, we have

On substituting these values in (i), we get

On further simplifications, we get

Hence the sum of money P = Rs 285.

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