If a sum of money becomes 2926 in 1 year and 8 months at the simple interest
rate of 6.5% per annum, find the sum of money.
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If a sum of money becomes 2926 in 1 year and 8 months at the simple interest
rate of 6.5% per annum, find the sum of money.
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Answer:Answer
Let the sum of money that's principal be x.
Time=8 years
Amount after 8 years becomes double=2x
Therefore,
Simple interest=Amount -principal=2x−x=x
Rate per annum =
P×T
S.I×100
=
x×8
x×100
=
8
100
=
2
25
=12.5%
Then,
We get interest of 8years is 12.5%
Step-by-step explanation:
Sum of money is Rs. 2640
Tips:
If P be the sum of money, t be the time, r% be the rate of simple interest per annum, then the interest I for that time is given by
[tex]I=\dfrac{Ptr}{100}[/tex]
Step-by-step explanation:
Let, sum of money = P
Given, sum + interest = Rs. 2926
Then interest = Rs. (2926 - P)
Time (t) = 1 year 8 months
= 1 year + [tex]\dfrac{8}{12}[/tex] year
= 1 + [tex]\dfrac{2}{3}[/tex] year
= [tex]\dfrac{5}{3}[/tex] year
Rate of simple interest per annum = 6.5%
Then, interest (I) = [tex]\dfrac{P\times \dfrac{5}{3}\times 6.5}{100}[/tex]
⇒ 2926 - P = [tex]\dfrac{13}{120}P[/tex]
⇒ 351120 - 120P = 13P
⇒ 133P = 351120
⇒ P = 2640
So, required sum of money = Rs. 2640.
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