Question 67

What amount will be ₹1440 in 4 years at 5% simple interest?

Solution

P = principal amount

R = ratio of interest

T = time

A = P + interest

$$A = P+\frac{P\times\ R\times\ T}{100}$$

$$1440 = P+\frac{P\times\ 5\times\ 4}{100}$$

$$1440 = P+\frac{20P}{100}$$

$$1440=P+\frac{P}{5}$$

$$1440=\frac{6P}{5}$$

$$240=\frac{P}{5}$$

P = ₹1200

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