Question

A sum of money is deposited at 7% per annum simple interest . If the yield after 3 years is $7744 , find the original sum of money

Answer 1

6117.76

Explanation:

hello rausha let's see the explanation step by step-

first we know the simple interest of money per annually is 7%

so the interest of the money in 3 years must be 21%

now we will takeout 21% of 7744 = 1626.24

this means the interest gained is 1626.24

to takeout original sum of money we will subtract the interest from $7744 ( 1626.24 - 7744) = 6117.76

so the original sum of money which was deposited was 6117.76 .

hope this answer helped you