Question

A sum amount to $2400 at 15% simple interest per annum after 4 years. Find the sum

Answer 1

1500

Explanation:

We can required to find the sum which also means the value

Future value= value × [ 1 + rate×time]

2400= value × [1 + 15/100×4]

2400= value × [1 + 0.15×4]

2400= value × [1+0.6]

2400= value × 1.6

Value= 2400/1.6

= 1500