A sum of money invested at 8% per annum for simple interest amounts to ₹12122 in 2 years. Find the principal amount borrowed.

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Solution

Solution:
Interest = $\frac{(P \times R \times T)}{100}$
(Where R = Rate p.a, T = Time in years)

= $\frac{₹ 100 \times 8 \times 2}{100}$
= ₹ 16
Amount = Principal + Interest = ₹100 + ₹ 16 = ₹116

We know when Amount is ₹ 116, Principal is ₹100
When Amount is ₹12,122, Principal would be $\frac{₹ 12122 \times 100}{116}$
= ₹10,450

Answer : ₹10,450

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