Multiple choice

A sum fetched a total simple interest of Rs. 7,056 at the rate of 8 percent per year in 7 years. What is the sum?

  1. Rs. 12,600

  2. Rs. 15,120

  3. Rs. 10,080

  4. Rs. 7,560
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A Correct answer
Explanation

Simple Interest = (P * R * T) / 100. 7056 = (P * 8 * 7) / 100. 7056 = 56P / 100. P = 705600 / 56 = 12600.

AI explanation

Using the simple interest formula SI = (P * R * T) / 100, we substitute the given values as 7056 = (P * 8 * 7) / 100. Solving for the principal P, we get P = (7056 * 100) / 56. This calculates to Rs. 12,600.

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