Question

Please help!!!

What sum of money will yield a simple interest of Rs.1155 in 3 years 6 months at 11% per annum .

Answer 1

Rs.833.94

Explanation:

To solve for the sum of money or principal, we use the formula:

`P=(A)/(1+rt)`

The current variables we have are:

A = Rs.1,155

r = 11% or 0.11

t = 3.5

Now let's plug the variables into the formula.

`P=(A)/(1+rt)`

`P=(1,155)/(1+(0.11)(3.5))`

`P=(1,155)/(1+0.385)`

`P=(1,155)/(1.385)`

`P=Rs.833.94`