Maths-
General
Easy

Question

The simple interest on a certain sum of money is Rs 1480 for 2 years at 10% per year. Find the sum of money.

Hint:

Use the formula for simple interest and then find the principal amount.

The correct answer is: 7400 Rupees


    Complete step by step solution:
    Let the sum of money = P
    We calculate simple interest by the formula,S I equals fraction numerator P T R over denominator 100 end fraction…(i)
    where P is Principal amount, T is number of years and R is rate of interest
    Here, we have T = 2,R = 10%, SI = 1480 and P = ?
    On substituting the known values in (i), we get 1480 equals fraction numerator P cross times 2 cross times 10 over denominator 100 end fraction
    table attributes columnspacing 1em end attributes row cell not stretchy rightwards double arrow P equals fraction numerator 1480 cross times 100 over denominator 2 cross times 10 end fraction end cell row cell not stretchy rightwards double arrow P equals fraction numerator 148000 over denominator 2 cross times 10 end fraction equals 7400 end cell end table
    Hence the sum of money P = 7400 Rupees.

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