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
So, …(i)
It is given that A = 3540,T = 3 and R = .
On substituting these values in (i) we get,
On further simplifications, we get .
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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