A sum of money at simple interest amounts to Rs. 403 in 3 years at the rate of 10% per annum. What is the value of the sum?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. Rs. 310.
A = P + [(P × R × T)/100]
⇒ 403 = P + [(P × 10 × 3)/100]
⇒ 403 = P + (3P/100)
⇒ 1.3P = 403
⇒ P = 403/1.03 = 310