Question
Download Solution PDFA sum of money at simple interest amounts to Rs. 403 in 3 years at the rate of 10% per annum, What is the value of the sum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal amount (P) = unknown
Amount (A) = Rs. 403
Time (t) = 3 years
Rate of interest (R) = 10% per annum
Formula:
Simple Interest (S.I.) = (PRT/100)
Amount (A) = P + S.I.
Solution:
We know that,
A = P + S.I.
And,
Simple Interest (S.I.) = PRT /100
Substituting the given values in the above formula, we get:
S.I. = (P × 10 × 3) / 100 = 0.3P
A = P + 0.3P = 1.3P
Given, A = Rs. 403
So, 1.3P = 403
Therefore, P = 403/1.3 = 310
Hence, the value of the sum is Rs. 310.
Last updated on May 28, 2025
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