Jennifer is saving money to buy a bike. The bike costs $245. She has $125 saved, and each week she adds $15 to her saving. How l
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Given:
Amount = Rs. 9,144
Time = 3 years.
Rate of simple interest = 9%
To find:
The principal value.
Solution:
The formula for simple interest is:
Where, P is principal, r is the simple rate of interest, and t is the number of years.
Putting in the above formula, we get
We know that,
Divide both sides by 1.27, we get
Therefore, the principal value is Rs. 7200.