Question
Download Solution PDFWhat is the present worth of Rs. 1,100 due in 2 years at 5% simple interest per annum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount (A) = Rs. 1,100
Time(T) = 2 years
Rate of simple interest per annum(R) = 5%
Formula used:
Simple interest(SI) = (P × R × T) / 100
SI = A - P
Calculation:
Let, P = principal.
As per the question,
⇒ 1100 - P = (P × 5 × 2) / 100
⇒ 1100 - P = P /10
⇒ 11P/10 = 1100
⇒ 11P = 11000
⇒ P = Rs 1000
∴ The correct option is 3
Last updated on Jul 19, 2025
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