A sum becomes ₹15,500 in 7 years on simple interest at the rate of 30% per annum. What is the total interest for the 7 years?

Question: A sum becomes ₹15,500 in 7 years on simple interest at the rate of 30% per annum. What is the total interest for the 7 years?

Answer: 

₹10500

Additional Information :

Given Data:

• Final amount (A) = ₹15,500
• Time (T) = 7 years
• Rate of interest (R) = 30% per annum
• We need to find the total interest (SI)

Step 1: Use the Simple Interest Formula

$$A = P + SI$$ $$SI = \frac{P \times R \times T}{100}$$

where P is the principal amount.

Step 2: Find the Principal Amount

Let P be the principal sum. Since the final amount is:

$$15,500 = P + SI$$

Substituting $SI = \frac{P \times 30 \times 7}{100}$:

$$15,500 = P + \frac{P \times 210}{100}$$ $$15,500 = P \left(1 + \frac{210}{100} \right)$$ $$15,500 = P \times 3.1$$ $$P = \frac{15,500}{3.1} = 5,000$$

Step 3: Calculate the Simple Interest

$$SI = \frac{5000 \times 30 \times 7}{100}$$ $$SI = \frac{10,500}{1}$$ $$SI = 10,500$$

Final Answer:

The total interest for 7 years is ₹10,500.

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