Which sum amounts to Rs. 2,188.68 in 8 years at 7% simple interest per annum?
1. Rs. 1,500
2. Rs. 1,303
3. Rs. 1,800
4. Rs. 1,403
1. Rs. 1,500
2. Rs. 1,303
3. Rs. 1,800
4. Rs. 1,403
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Correct Answer – Option 4 : Rs. 1,403
Given:
Amount = Rs. 2188.68
Time period = 8 years
Rate of interest = 7%
Formula used:
SI = (P × R × T)/100
A = P + SI
Where,
SI = Simple interest
P = Sum of money invested
R = Rate of interest
T = Time period of investment
A = Amount
Calculations:
Let the sum invested by P
⇒ 2188.68 = P + [(P × R × T)/100]
⇒ 2188.68 = P + [(P × 7 × 8)/100]
⇒ 2188.68 = P + (56P/100)
⇒ 2188.68 = 156P/100
⇒ P/100 = 14.03
⇒ P = Rs. 1403
∴ The sum of money is Rs. 1403