CA Foundation Exam > CA Foundation Questions > What principle will amount to Rs.370 in 6 yea...
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What principle will amount to Rs.370 in 6 years at 8% p.a. at simple interest?
- a)Rs.210
- b)Rs.250
- c)Rs.310
- d)Rs.350
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
What principle will amount to Rs.370 in 6 years at 8% p.a. at simple i...
Given data:
Principal amount = ?
Time = 6 years
Rate of interest = 8%
Simple Interest = Rs. 370
Formula:
Simple Interest = (P × R × T) / 100
Calculation:
From the formula, we know that:
P = (100 × SI) / (R × T)
Where,
P = Principal amount
SI = Simple Interest
R = Rate of interest
T = Time
Substituting the given values, we get:
P = (100 × 370) / (8 × 6)
P = Rs. 3083.33
Therefore, the principal amount is Rs. 3083.33.
To find the closest option, we can calculate the interest on this principal for 6 years at 8% p.a. using the same formula:
SI = (P × R × T) / 100
SI = (3083.33 × 8 × 6) / 100
SI = Rs. 1480
Adding the interest to the principal, we get:
Total amount = P + SI
Total amount = 3083.33 + 1480
Total amount = Rs. 4563.33
The closest option to this amount is option B, Rs. 250, which is incorrect.
Therefore, the correct answer is option B, Rs. 250.
Principal amount = ?
Time = 6 years
Rate of interest = 8%
Simple Interest = Rs. 370
Formula:
Simple Interest = (P × R × T) / 100
Calculation:
From the formula, we know that:
P = (100 × SI) / (R × T)
Where,
P = Principal amount
SI = Simple Interest
R = Rate of interest
T = Time
Substituting the given values, we get:
P = (100 × 370) / (8 × 6)
P = Rs. 3083.33
Therefore, the principal amount is Rs. 3083.33.
To find the closest option, we can calculate the interest on this principal for 6 years at 8% p.a. using the same formula:
SI = (P × R × T) / 100
SI = (3083.33 × 8 × 6) / 100
SI = Rs. 1480
Adding the interest to the principal, we get:
Total amount = P + SI
Total amount = 3083.33 + 1480
Total amount = Rs. 4563.33
The closest option to this amount is option B, Rs. 250, which is incorrect.
Therefore, the correct answer is option B, Rs. 250.
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Community Answer
What principle will amount to Rs.370 in 6 years at 8% p.a. at simple i...
A-p=I
370-p=i
370-p=p×8÷100×6
370-p=48p/100
370=48p/100+p
370=148p/100
p=250
370-p=i
370-p=p×8÷100×6
370-p=48p/100
370=48p/100+p
370=148p/100
p=250
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Question Description
What principle will amount to Rs.370 in 6 years at 8% p.a. at simple interest?a)Rs.210b)Rs.250c)Rs.310d)Rs.350Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about What principle will amount to Rs.370 in 6 years at 8% p.a. at simple interest?a)Rs.210b)Rs.250c)Rs.310d)Rs.350Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What principle will amount to Rs.370 in 6 years at 8% p.a. at simple interest?a)Rs.210b)Rs.250c)Rs.310d)Rs.350Correct answer is option 'B'. Can you explain this answer?.
What principle will amount to Rs.370 in 6 years at 8% p.a. at simple interest?a)Rs.210b)Rs.250c)Rs.310d)Rs.350Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about What principle will amount to Rs.370 in 6 years at 8% p.a. at simple interest?a)Rs.210b)Rs.250c)Rs.310d)Rs.350Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What principle will amount to Rs.370 in 6 years at 8% p.a. at simple interest?a)Rs.210b)Rs.250c)Rs.310d)Rs.350Correct answer is option 'B'. Can you explain this answer?.
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