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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 Γ— Rate Γ— Time Γ· 100 So, P + P Γ— 7.5 Γ— 3 Γ· 100 = 8,025 Or, P + 0.225P = 8,025 Or, 1.225P = 8,025 Or, P = 6,550

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