Question 5 Simple and Compound Interest Exercise 8.1
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Answer:
(i) Here,
I = Rs 2356.25
R =7 \frac{1}{4} \% \text { p.a }
= 29 / 4 % p.a.
T = 2 \frac{1}{2} \text { years }
= 5 / 2 years
Hence,
P = (I × 100) / (R × T)
= Rs (2356.25 × 100) / (29 / 4) × (5 / 2)
On further calculation, we get,
= Rs (2356.25 × 100 × 4 × 2) / (29 × 5)
= Rs (235625 × 8) / (29 × 5)
We get,
= Rs (47125 × 8) / 29
= Rs 1625 × 8
= Rs 13000
(ii) Amount (A) = Rs 11300
Rate (R) = 4% p.a.
Time (T) = 3 years 3 months
=3 \frac{3}{12} \text { years }
=\frac{3}{4} \text { years }
= 13 / 4 years
Let the principal be Rs x
Hence,
S.I. = (P × R × T) / 100
= Rs (x × 4 × 13) / (100 × 4)
We get,
= Rs 13x / 100
Then,
Amount = Principal + Simple Interest
= Rs x + Rs 13x / 100
= Rs (x + 13x) / 100
We get,
= Rs (100x + 13x) / 100
= Rs (113x / 100)
But, the amount given is Rs 11300
Hence,
113x / 100 = 11300
x = 11300 × 100 / 113
x = 100 × 100
We get,
x = 10000
Therefore, principal (P) = Rs 10000
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