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    Question

    An amount placed on simple interest at 7.5% per annum

    for 3 years becomes Rs. 8,025. What was the principal?
    A 5,220 Correct Answer Incorrect Answer
    B 6,550 Correct Answer Incorrect Answer
    C 7,720 Correct Answer Incorrect Answer
    D 1,250 Correct Answer Incorrect Answer

    Solution

    ATQ, Let the principal be Rs. 'P'. Simple interest = Principal × Rate × Time ÷ 100 So, P + P × 7.5 × 3 ÷ 100 = 8,025 Or, P + 0.225P = 8,025 Or, 1.225P = 8,025 Or, P = 6,550

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