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A man saved a certain amount of money in the post office, after 10 years the money produces him an interest of 50,000 frs. If the interest was calculated at the rate of 8%. Find how much he saved?

Mathematics

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62,500 frs\text{62,500 frs}

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3) A man saved a certain amount of money in the post office, after 10 years the money produces him an interest of 50,000 frs. If the interest was calculated at the rate of 8%. Find how much he saved?

  1. Identify the given values.

    Simple Interest (SI)=50,000 frs(SI) = 50,000 \text{ frs}
    Time (T)=10 years(T) = 10 \text{ years}
    Rate (R)=8%(R) = 8\%

  2. Use the formula for Simple Interest and rearrange it to find the Principal $(P)$.

    The formula for Simple Interest is:

    SI=P×R×T100SI = \frac{P \times R \times T}{100}

    To find the Principal (P)(P), we rearrange the formula:

    P=SI×100R×TP = \frac{SI \times 100}{R \times T}

  3. Substitute the values into the formula.

    P=50,000 frs×1008×10P = \frac{50,000 \text{ frs} \times 100}{8 \times 10}

  4. Calculate the Principal.

    P=5,000,00080P = \frac{5,000,000}{80} P=62,500 frsP = 62,500 \text{ frs}

    The man saved 62,500 frs\text{62,500 frs}.

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