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Given that simple interest on a certain sum of money is $4016.25$ bucks at $9\%$ per annum in $5$ years. Find the sum of money.

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Convert between customary and metric systems

Full solution

Q. Given that simple interest on a certain sum of money is

4016.25

bucks at

9\%

per annum in

5

years. Find the sum of money.

Use Simple Interest Formula: To find the principal sum of money, we need to use the formula for simple interest: $\newline$ Simple Interest (SI) = Principal ( $P$ ) * Rate ( $R$ ) * Time ( $T$ ) / $100$ $\newline$ We are given: $\newline$ Simple Interest (SI) = $4016.25$ bucks $\newline$ Rate ( $R$ ) = $9$ % per annum $\newline$ Time ( $T$ ) = $5$ years $\newline$ We need to solve for Principal ( $P$ ).
Rearrange Formula for Principal: Rearrange the formula to solve for Principal $P$ : $P = \frac{SI}{R \times T / 100}$ Now plug in the given values: $P = \frac{4016.25}{9 \times 5 / 100}$
Calculate Denominator: Calculate the denominator first: $9 \times 5 / 100 = 45 / 100 = 0.45$
Divide Simple Interest: Now divide the Simple Interest by the calculated value: $\newline$ $P = \frac{4016.25}{0.45}$
Find Principal: Perform the division to find the principal: $P = \frac{4016.25}{0.45} = 8925$

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