Question
Download Solution PDFThe simple interest on a sum of money for 5 years at 6% per annum is Rs.75. Find the sum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple Interest (SI) = ₹75
Time (T) = 5 years
Rate (R) = 6% per annum
Formula Used:
SI = (P × R × T) / 100
Where, P = Principal
Calculations:
75 = (P × 6 × 5) / 100
⇒ 75 = (30 × P) / 100
⇒ 75 = 0.3 × P
⇒ P = 75 / 0.3 = 250
∴ The sum is ₹250.
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