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What sum will amount to Rs.7,000 in 5 years at 8% simple interest per annum?
1. Rs.6000
2. Rs.6300
3. Rs.5000
4. Rs.6500

1 Answer

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Best answer
Correct Answer - Option 3 : Rs.5000

Given:

Amount, A = Rs 7000

Rate, R = 8%

Time, T = 5 years

Concept used:

Amount, A = P + SI

Simple interest, SI = PRT/100

Calculation:

7000 = P + P × 5 × 8/100 = 14P/10

P = 7000 × (10/14) = Rs 5000

Principal amount is Rs 5000.

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