What sum of money must be given at simple interest for 8 months at 4% per annum in order to earn Rs. 320 interest?
Let the sum of money be Rs. P. SI = Rs. 320, T = 2/3 year and R = 4% SI = (P × R × T)/100 ⇒ 320 = P × (4/100) × (2/3) ⇒ P = Rs. 12000
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