Question

How much money Anil should invest which will give him an interest of ₹1512 in 4 1⁄2 years at 3 1⁄2 % per annum simple interest?

Answer 1

Answer:

₹$9,600$

Step-by-step explanation:

we know that

The simple interest formula is equal to

$I=P(rt)$

where

I is the amount interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

$t=4.5\ years\\ P=?\\ I=1,512\\r=0.035$

substitute in the formula above

$1,512=P(0.035*4.5)$

$P=1,512/(0.035*4.5)=9,600$