Question 24
A sum at simple interest of $$13\frac{1}{2}%$$ per annum amounts to ₹3080 in 4 yr, then the sum is
Solution
Let us assume the amount is P.
Given the rate of interest is 13.5%.
The simple interest for 4 years is $$\frac{P*4*13.5}{100}$$= $$\frac{54P}{100}$$
P+$$\frac{54P}{100}$$ = 3040
$$\frac{154P}{100}$$ = 3040
$$\Rightarrow$$ P = 2000
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