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Question
Find the principal which will amount to Rs. 4,000 in 4 years at 6.25% Per annum.
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Solution
Given:
- Final amount (A) = ₹4,000,
- Time (T) = 4 years,
- Rate of interest (R) = 6.25% per annum.
Formula for Simple Interest:
`A = P (1+(R.T)/100)`,
where
- A = Final amount,
- P = Principal.
Rearranging to find P:
`P=A/(1+(R.T)/100)`
`P=4000/(1+(6.25·4)/100)`
`P = 4000/1.25`
P = 3200.
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