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21 May, 13:54

What sum would yield an interest of 36$ in 3 years at 3%p. a.

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  1. 21 May, 14:10
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    Amount of Interest = $36

    Rate of interest = 3% per annum

    Total time period for which the money was invested = 3 years

    Let us assume the Principal amount = x

    Then

    Interest = Principal * Rate of Interest * time

    36 = x * 3% * 3

    36 = 9x/100

    36 * 100 = 9x

    3600 = 9x

    x = 3600/9

    = 400

    So the initial sum of the money that was invested was $400.
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