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What sum of money will amount to Rs.416 in 1 year 4 months at 3% per annum simple interest?
1. Rs.395
2. Rs.400
3. Rs.410
4. Rs.390

1 Answer

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Best answer
Correct Answer - Option 2 : Rs.400

Given

Amount = Rs. 416

Time = 1 year 4 months

Rate of interest = 3%

Formula used

SI = (P × R × T)/100

Amount(A) = P + SI

SI → Simple interest, P → Principal, R → Rate, T → Time

Calculation

Time = 1 year 4 months = 4/3 years

A = P + (P × R × T)/100

⇒ 416 = P + (P × 3 × 4/3)/100

⇒ 41600 = 100P + 4P

⇒ 104 P = 41600

⇒ P = Rs. 400

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