What sum of money borrowed on $24 t h M a y$ will amount to $R s 10, 210.20$ on $17 t h O c t o b e r$ of the same year at $5$ percent per annum simple interest.

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Solution

The number of days from $24$ May to $17$ October is,

$7 + 30 + 31 + 31 + 30 + 17 = 146 d a y s$

The total time becomes $\frac{146}{365}$ .

The rate is given as $5 %$ per annum.

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

$10210.20 = \frac{P \times 5 \times 146}{365 \times 100}$

$\frac{10210.20 \times 365 \times 100}{5 \times 146} = P$

$P = R s 510510$

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What sum of money borrowed on 24th May will amount to Rs 10,210.20 on 17th October of the same year at 5 percent per annum simple interest.

The number of days from 24 May to 17 October is, 7+30+31+31+30+17=146days The total time becomes 146365. The rate is given as 5% per annum. S=P×R×T100 10210.20=P×5×146365×100 10210.20×365×1005×146=P P=Rs510510

What sum of money borrowed on $24 t h M a y$ will amount to $R s 10, 210.20$ on $17 t h O c t o b e r$ of the same year at $5$ percent per annum simple interest.