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Question 51
What sum will yield ₹ 491.68 as simple interest at 8% per annum for 1 year and 2 months?
Solution
Given,
Simple interest = 491.68 , Rate of interest = 8%, Time = 1 year and 2 months (or) 1$$\frac{2}{12}$$ (or) 1$$\frac{1}{6}$$
$$\frac{P \times T \times R}{100}$$ = Simple Interest
Substitute the values,
$$\frac{1\frac{1}{6} \times 8}{100}$$P = 491.68
$$\frac{\frac{7}{6} \times 8}{100}$$P = 491.68
P = (491.68 x 100 x 3)/28
P = 5268
Hence, option D is the correct answer.
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