Question

Let us determine the amount (principal along with interest) of ₹ 960 at the rate of simple interest of $8 \frac{1}{3} \%$ annum for 1 yr 3 months.

December 27, 2023

Answer

Principal (P) = ₹ 960

Rate (r) = $8 \frac{1}{3} \%$ = $\frac{25}{3} \%$

time (t) = 1 $3\over 12$ = 1 $1\over 4$ = $5\over 4$

Simple Interest (I) = $\frac{\text { Prt }}{100}$

= ₹ $\frac{960 \times \frac{25}{3} \times \frac{5}{4}}{100}$

= ₹ 100

Amount = Principal + Interest

= ₹ 960 + ₹ 100 = ₹ 1060

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