Question

Find the principal.

Answer 1

Answer:

The required Principal Amount  = 7,250.

Step-by-step explanation:

Let us assume, the Principal Amount  = P

Rate of interest  = 8%

Time  = 5 years

Total Simple Interest = 2900

Now, $\textrm{SIMPLE INTEREST} = \frac{P \times R \times T}{100}$

$\implies 2900 = \frac{P \times 8 \times 5}{100} \\\implies P = \frac{2900 \times100}{8 \times 5} = 7,250$

or, P  = 7,250

Hence, the required Principal Amount  = 7,250.