Question

What sum of money will earn an interest of $ 162 in 3 years at the rate of 12% per annum

Answer 1

Let the sum of money be Rs p

So Amount = p +[( p x 12 x 3)/100]

{from the relation,a=p+[(pxRxt)]

But Amount is given as $162 in the question

= 162 = y +(36y)/100

162 = 34y/25

y=$119.117

So, the answer is $119.117