What sum of money will amount to ₹7,830 in 6 years at the rate of 7.5% per annum simple interest?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. ₹5,400.
SI = PRT/100
⇒ (7830 - P) = P × 7.5 × 6/100
⇒ 7830 - P = 0.45P
⇒ 1.45P = 7830
⇒ P = 5400