Question: A certain sum of money amounts to Rs. 560 in
3 years at 4% per annum simple interest?
Find the sum.
(a)
Rs. 500 (b) Rs. 475 (c) Rs. 450 (d) Rs. 560 (e) none of these
Solution: Detailed
Explanation: Principal is always taken as 100%
Since
rate of interest is 4% per annum, so in 3 years, simple interest will be (4 × 3)
% = 12%
Amount is (100 + 12) = 112% Therefore,
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