Discussion

Find the principle on a certain sum of money at 5% per annum for 2 2/5 years if the amount being Rs.1120?

Answer: A

\[ \text{SI} = \frac{P \times R \times T}{100} \]

The period \( 2\tfrac{2}{5} \) years is 2.4 years, and Rs. 1120 is the amount.

\[ 1120 = P\left(1 + \frac{5 \times 2.4}{100}\right) = P(1.12) \]

\[ P = \text{Rs. } 1000 \]

The interest is Rs. 120, which is 12% of the principal - 5% a year for 2.4 years.

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