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Question
What sum of money borrowed on 24th May will amount to Rs.10210.20 on 17th October of the same year at 5 percent per annum simple interest.
Solution
A = Rs. 10210.20
R = 5% P.A.
T=May + June + July + August + Sept.+ Oct.
= 7 + 30 + 31 + 31 + 30 + 17
=`146/365` days =`2/5` year
We know that :
P + I = A
`⇒"P"+("P"xx"R"xx"T")/100="A"`
`⇒"P"(1+("R"xx"T")/100)="A"`
`⇒"P"(1+(5xx2/5)/100)` = Rs.10210.20
`⇒"P"(1+2/100)` = Rs.10210.20
`⇒"P"xx102/100` = Rs.10210.20
⇒ P = Rs.`10210.20xx100/102`
⇒ P = Rs.`1021020/102`
⇒ P = Rs.10010
∴ Money to be borrowed = Rs.10010
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