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A sum fetched a total simple interest of Rs. 4016.25 at the rate of 9% per annum in 5 years. What is the sum?

1. Rs. 4462.50
2. Rs. 8032.50
3. Rs. 8900
4. Rs. 8925

Correct answer: Rs. 8925

Solution

For simple interest, SI = (P × R × T) / 100. Here, P = (4016.25 × 100) / (9 × 5). This gives P = 8925.

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