Question

Find the principal.
Annual rate of interest = 8%
Period = 5 years
Total interest=2900 rupees
Principal =
rupees

Answer 1

The principal amount is 7250 rupees

Further explanation:

The simple interest formula will be used.

The formula for calculating amount of interest over a period of time is:

$I=P_0rt$

Here

P_0 is the principal amont,

r is the interest rate

I is the interest and

t is the time

Given

$Interest\ rate=r=8\%\\Time=t=5\\Ineterest =I=2900$

Putting the values in the formula

$2900=P_0*0.08*5\\2900=P_0*0.4\\P_0=\frac{2900}{0.4}\\P_0=7250\ rupees$

The principal amount is 7250 rupees

Keywords: Simple interest, interest calculation

Learn more about simple interest at:

• brainly.com/question/1577690
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