A person lent a certain sum of money at 6% per annum at simple interest and in 8 years the interest ...

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A person lent a certain sum of money at % per annum at simple interest and in years the interest amounted to $ less than the sum lent. What was the sum lent?

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Calculated Answer

1000

Step by Step Solution

In order to solve problem, you must evaluate n₂ / (1 - (n₀ * n₁) / 100).

• n₂ / (1 - (n₀ * n₁) / 100)

• Evaluate n₀ * n₁ = 48

  n₂ / (1 - 48 / 100)

• Evaluate 48 / 100 = 0.48

  n₂ / (1 - 0.48)

• Evaluate 1 - 0.48 = 0.52

  n₂ / 0.52

• Evaluate n₂ / 0.52 = 1000

  1000
• The answer to the problem and the result of n₂ / (1 - (n₀ * n₁) / 100) is 1000