Maths-
General
Easy

Question

If the sum of money becomes Rs. 3540 in 3 years at the simple interest rate of 6%, what was the sum of money?

Hint:

Use the formula of total amount and from that find the principal amount.

The correct answer is: 3000


    Complete step by step solution:
    Let the sum of money = P
    Formula for total amount = A = P + S.I,
    where A is the total amount, P is the principal amount and SI is simple interest .
    We know that S I equals fraction numerator P T R over denominator 100 end fraction
    So, A equals P plus fraction numerator P T R over denominator 100 end fraction…(i)
    It is given that A = 3540,T = 3 and R = 6 straight percent sign.
    On substituting these values in (i) we get, 3540 equals P plus fraction numerator P cross times 3 cross times 6 over denominator 100 end fraction
    On further simplifications, we get 3540 equals fraction numerator 118 P over denominator 100 end fraction.
    On multiplying 100 on both the sides, we get 354000 = 118P.
    Divide on both sides by 118.
    On dividing, we get P = 3000
    Hence Rs 3000 was the sum of money.

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