1.

Which sum amounts to Rs. 2,188.68 in 8 years at 7% simple interest per annum?1. Rs. 1,5002. Rs. 1,3033. Rs. 1,8004. Rs. 1,403

Answer» 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



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