Q) After adding a simple interest of $ 270 an investment becomes $1395. If the principal was invested at 6% p.a. simple interest, for how long was the principal invested.

A) 3 Years

B) 4 Years

C) 5 Years

D) 6 Years

E) 7 Years

Solution: As a Simple Interest problem, this question would make use of the formula,

SI = Principal * Rate * Time

Amount = SI + Principal

Plugging in values, we get,

$1395 = $ 270 + Principal

Principal = $1395 - $270 => $1125...

Categories : Interest Problems |

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