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?
Answer & explanation
Correct answer: option 3
Principal (P) =100%
Interest(I) = Rate(R) × Time(T)
So,
I = 10% × 3 = 30% (for 3 years)
A = P + I = 130%
ATQ,
130% = 403
1% = \(\frac{403}{130}\)
100%=\(\frac{403}{130}\)×100 = 310 Rs.