A sum of money at simple interest amount

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

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?

Options:

Rs. 400

Rs. 380

Rs. 310

Rs. 345

Correct Answer:

Rs. 310

Explanation:

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.