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Find the sum to be invested to earn a si...

Find the sum to be invested to earn a simple interest of Rs. 360 in 8 months at the rate of 15% per annum.

Text Solution

Verified by Experts

Let Rs P be the required sum.
Given that,
Simple interest = Rs. 360,
Rate of interest (R )= 15% and
Time period (T)=8 months `=(8)/(12)` years
But, simple interest `=(PTR)/(100)`
`therefore (Pxx(8)/(12)xx15)/(100)=360 implies P =3600`
Hence, required sum= Rs. 3600.
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