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Question
Sheela has paid simple interest on a certain sum for 4 years at 9.5% per annum is ₹ 21,280. Find the sum
Solution
Let the Principal be ₹ P
Rate of interest r = 9.5% per annum
Time (n) = 4 years
Simple Interest I = `"Pnr"/100`
Given I = ₹ 21,280
∴ `"Pnr"/100` = ₹ 21,280
`("P" xx 4 xx 9.5)/100` = ₹ 21,280
`("P" xx 4 xx 95)/1000` = ₹ 21,280
P = `(21280 xx 1000)/(4 xx 95)` = ₹ 56,000
∴ Sum of money Sheela bought = ₹ 56,000
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