Question : A sum fetched a total simple interest of Rs. 7728, at the rate of 7% per annum, in 8 years. What is the sum?
Option 1: Rs. 13800
Option 2: Rs. 16560
Option 3: Rs. 11040
Option 4: Rs. 8280
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Correct Answer: Rs. 13800
Solution :
Given:
Total simple interest = Rs. 7728
Rate = 7% per annum
Time: 8 years.
Simple interest (SI) = $\frac{(\text{Principal × Rate × Time})}{100}$
Let the principal amount be P.
So, 7728 = $\frac{P × 7 × 8}{100}$
⇒ P = $\frac{772800}{7 × 8}$
⇒ P = $\frac{772800}{56}$
$\therefore$ P = Rs. 13800
Hence, the correct answer is Rs. 13800.
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