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Question
What sum of money lent out at 16 per cent per annum simple interest would produce ₹ 9600 as interest in 2 years?
Solution
S.I. = ₹ 9600, Time = 2 years,
Rate = 16% p.a.
We know that,
S.I. = `(P xx R xx T)/100`
∴ 9600 = `(P xx 16 xx 2)/100`
⇒ P = `(9600 xx 100)/(16 xx 2)` = ₹ 30000
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