What sum of money lent out at 16 per cent per annum simple interest would produce ₹9600 as interest in 2 years

Solution:

Given, the sum of money lent out at 16 per cent per annum simple interest would produce ₹9600 as interest in 2 years.

We have to find the sum of money.

According to the question,

I = ₹9600

R = 16%

T = 2 years

We know, I = P × R × T/100

9600 = P × 16 × 2/100

9600 = P×16/50

P = 9600 × (50/16)

= 600 × 50

= 30,000

Therefore, the sum of money lent is ₹30,000.

✦ Try This: If a certain sum of money amounts to Rs. 1760 in two years and Rs. 2000 in 5 years at simple interest, find the sum.

☛ Also Check: NCERT Solutions for Class 7 Maths Chapter 8

NCERT Exemplar Class 7 Maths Chapter 7 Problem 127

What sum of money lent out at 16 per cent per annum simple interest would produce ₹9600 as interest in 2 years

Summary:

The sum of money lent out at 16 per cent per annum simple interest would produce ₹9600 as interest in 2 years is ₹30,000.

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