A sum of money is invested at a simple interest rate of 8% per annum. After 3 years, the simple interest earned is ₹1,920. What is the principal invested?
₹8,000
Simple interest formula: \(SI=\dfrac{P\times R\times T}{100}\).
Substitute \(SI=1920,\ R=8,\ T=3\): \(1920=\dfrac{P\times 8\times 3}{100}=\dfrac{24P}{100}\).
Solve: \(P=\dfrac{1920\times 100}{24}=\dfrac{192000}{24}=8000\).
Hence, the principal invested is ₹8,000.
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If in 13 years fixed sum doubles at simple interest, what will be the interest rate per year? (correct to two decimal places)
On simple interest a sum of Rs. 640 becomes Rs. 832 in 2 years. What will Rs. 860 become in 4 years at the same rate of simple interest?
A certain sum amounts to Rs. 81840 in 3 years and to Rs. 92400 in 5 years at x% p.a. under simple interest. If the rate of interest is becomes (x + 2)%, then in how many years will the same sum double itself?
