Question 74
The amount received after 8 years on a certain sum of money invested at the rate of 18% simple interest per annum is ₹1,220. What was the initial sum invested?
Solution
The amount received after 8 years on a certain sum of money invested at the rate of 18% simple interest per annum is ₹1,220.
$$simple\ interest\ +principal=principal+\frac{principal\times\ rate\times\ time}{100}$$
$$1220=principal+\frac{principal\times18\times8}{100}$$
$$1220=principal+principal\times1.44$$
$$1220=principal\times2.44$$
principal = 500
So the initial sum invested is ₹500.Get AI Help
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