Question

Deepa invested a sum of money from March $2011$ to March $2016$ at the rate of $12\%$ p.a. If the interest received is $Rs.1620$, find the sum.

Answer 1

Simple Interest $=SI=\frac{P\times R\times T}{100}$

Principle Amount $=P=?$

Rate of Interest $=R=12\%$

Time $=T=2016-2011=5$ years

Simple Interest $=SI=Rs.1620$

So:

$SI=\frac{P\times R\times T}{100}$

$1620=\frac{P\times 12\times 5}{100}$

$60P=162000$

$\therefore P=\frac{162000}{60}=Rs.2700$