A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9 p.c.p.a. in 5 years. What is the sum?Rs. 4462.50Rs. 8032.50Rs. 8900Rs. 8925
Question
A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9 p.c.p.a. in 5 years. What is the sum?
- Rs. 4462.50
- Rs. 8032.50
- Rs. 8900
- Rs. 8925
Solution
The formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount (the sum), R is the rate of interest, and T is the time.
Given: I = Rs. 4016.25 R = 9% per annum T = 5 years
We need to find P.
Rearranging the formula for P, we get P = I * 100 / (R * T)
Substituting the given values, we get P = 4016.25 * 100 / (9 * 5)
Calculating the above expression, we get P = Rs. 8925
So, the sum is Rs. 8925.
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