What Sum of Money Will Produce Rs. 70? if
What sum of money will produce Rs. 70 as simple interest in 4 years at 3.5 % ?
- Rs. 450
- Rs. 550
- Rs. 500
- Rs. 600
Answer: (3) Rs,500
Explanation:-
Let the sum of money is Rs.X
Formula-
Simple Interest = P x R x T/100
Where, P – principal, R – rate & T – time.
Simple Interest = Rs.70, Time = 4 years, Rate = 3.5% & = ?
Then,
70 = X x 35 x 4/10 x 100
70 = X x 7/10 x 5
10 = X / 50
X = Rs.500
Hence, the answer is (3) Rs.500.
