Question
Download Solution PDFA sum becomes ₹6,600 in 4 years at simple interest at a yearly interest rate of 5% per annum. What is the sum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Future Value (A) = ₹6,600
Time (T) = 4 years
Rate of interest (R) = 5% per annum
Formula Used:
Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
Future Value (A) = Principal (P) + Simple Interest (SI)
Calculation:
Let Principal (P) be the sum we need to find.
Future Value (A) = Principal (P) + SI
SI = P × 5 × 4 / 100
SI = P × 20 / 100
SI = 0.2P
Future Value (A) = P + 0.2P
₹6,600 = P + 0.2P
₹6,600 = 1.2P
⇒ P = ₹6,600 / 1.2
⇒ P = ₹5,500
The sum is ₹5,500.
Last updated on Jun 26, 2025
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