Question

What sum of money must be given at simple interest for 9 months at 5% per annum in order to earn Rs. 360 interest?

A Rs.9600 Correct Answer Incorrect Answer
B Rs.8400 Correct Answer Incorrect Answer
C Rs.7200 Correct Answer Incorrect Answer
D Rs.10200 Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Let the sum of money be Rs. P. SI = Rs. 360, T = 3/4 year and R = 5% SI = (P × R × T)/100 ⇒ 360 = P × (5/100) × (3/4) ⇒ P = Rs. 9600

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