Simple interest at 8% rate of interest for 10 years is Rs. 17600. Find the principle?

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  1. 24000
  2. 25000
  3. 22000
  4. 26000
  5. 32000

Answer (Detailed Solution Below)

Option 3 : 22000
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Detailed Solution

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Given:

Rate of interest (r) = 8%

Time (t) = 10 years

Simple Interest (SI) = ₹17,600

Formula used:

SI = P × r × t / 100

Calculations:

17600 = P × 8 × 10 / 100

⇒ 17600 = P × 80 / 100

⇒ 17600 = P × 0.8

⇒ P = 17600 / 0.8

⇒ P = ₹22,000

∴ The principal is ₹22,000.

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