A sum of money amounts to ₹1,800 when invested at 6.25% p.a. simple interest for a period of eight years. Find the principal.
Question
Solution 1
To find the principal, we need to use the formula for simple interest which is:
I = PRT/100
Where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years)
In this case, we know that the total amount (A) after 8 years is ₹1,800, the rate of interest Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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