Question

What sum of money borrowed on ${14}^{th}$ june will amount to Rs $10,210.20$ on $7^{th}$ November of the same year at $5$ per cent per annum simple interest.

• A. Rs.$11,110$
• B. Rs.$9,015$
• C. Rs.$10,010$
• D. Rs.$10,520$

Answer 1

The correct option is C Rs.$10,010$

Given: $R=5$% Amount$=10,210.20$

$T={14}^{th}$ June to $7^{th}$ November

Total days$=(16+31+31+30+31+7)$

$=146$ between $14$ June and $7$ November

$=\frac{146}{365}$ years

We know that

Amount$=\frac{PRT}{100}+P$

$10210.20=P(\frac{5\times 146}{100\times 365}+1)$

$P\times 1:02=10210.2$

$P=10,010$

$\therefore$ Money borrowed is Rs.$10,010$