Question 72

A sum, when invested for 2 years at the rate of 10% per annum at simple interest, amounts to ₹4,800 on maturity. What is the sum invested?

Solution

maturity amount = interest + principal = 4,800

maturity amount = $$principal+\frac{principal\times\ rate\times\ time}{100}$$

$$4800=principal+\frac{principal\times\ 10\times\ 2}{100}$$

$$4800=principal+\frac{principal\times\ 20}{100}$$

$$4800=principal+0.2\times\ principal$$
$$4800=1.2\times\ principal$$
principal = 4000

So initially sum invested = 4000

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