# What sum of money borrowed on 24th May will amount to Rs.10210.20 on 17th October of the same year at 5 percent per annum simple interest. - Mathematics

Sum

What sum of money borrowed on 24th May will amount to Rs.10210.20 on 17th October of the same year at 5 percent per annum simple interest.

#### Solution

A = Rs. 10210.20
R = 5% P.A.
T=May + June + July + August + Sept.+ Oct.

= 7 + 30 + 31 + 31 + 30 + 17

=146/365 days =2/5 year

We know that :

P + I = A

⇒"P"+("P"xx"R"xx"T")/100="A"

⇒"P"(1+("R"xx"T")/100)="A"

⇒"P"(1+(5xx2/5)/100) = Rs.10210.20

⇒"P"(1+2/100) = Rs.10210.20

⇒"P"xx102/100 = Rs.10210.20

⇒ P = Rs.10210.20xx100/102

⇒ P = Rs.1021020/102

⇒ P = Rs.10010

∴ Money to be borrowed = Rs.10010

Is there an error in this question or solution?

#### APPEARS IN

Selina Concise Mathematics Class 8 ICSE
Chapter 9 Interest
Exercise 9 (A) | Q 9 | Page 106
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