Question 39

A sum fetched a total simple interest of Rs. 7056 at the rate of 8 percent per year in 7 years. What is the sum?

Solution

Let the sum = Rs. $$x$$

Rate of interest = 8% and time = 7 years

Simple interest = $$\frac{P \times R \times T}{100}$$

=> $$\frac{x \times 8 \times 7}{100} = 7056$$

=> $$x = 7056 \times \frac{25}{14}$$

=> $$x = 504 \times 25 = Rs. 12,600$$

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