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A sum of money becomes Rs. 900 in 4 yr at 5% per annum on Simple Interest. The sum is?
1. Rs. 550
2. Rs. 650
3. Rs. 750
4. Rs. 500

1 Answer

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Best answer
Correct Answer - Option 3 : Rs. 750

Given:

Amount = Rs. 900

Time = 4 years

Rate of interest = 5%

Formula used:

Amount = Principal + Interest

S.I = PRT/100

Calculation:

S.I = (P × 4 × 5)/100

⇒ P/5

Now, according to question

⇒ P + (P/5) = Rs. 900

⇒ 6P/5 = Rs. 900

⇒ P = Rs. 150 × 5

⇒ Rs. 750

∴ The sum is Rs. 750

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