Question 62

Find the sum of money which must be invested at simple interest for 8 months at 6% per annum in order to earn ₹250 as interest.

Solution

Sum of money = P

rate of interest = R = 6%

Time = T = 8 months

= $$\frac{8}{12}$$ years [We know that 12 month = 1 year]

Simple interest = ₹250

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

$$250=\frac{P\times6\times8}{100\times\ 12}$$

$$250=\frac{P\times1\times1}{25\times\ 1}$$

$$P=250\times25$$

P = ₹6,250

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