Question 20

A certain sum of money invested on simple interest at 15% per annum fetched Rs.10,350 as interest in 3 years. Find the sum invested

Solution

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Let the sum be P

SI=10,350,
R=15%,
T=3 years.

Putting all in the formula, we get, 

$$10,350=\frac{\left(P\times15\times3\right)}{100}$$

$$10,350=\frac{45P}{100}$$

With this, we get P = Rs. 23,000

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