This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Step 1: Identify the given information and the formula for simple interest. Let P be the principal amount. Let A be the amount after time T. Let R be the rate of simple interest per annum. Let T be the time in years. The formula for simple interest (SI) is: SI = (P × R × T)/(100) The total amount (A) is given by: A = P + SI From the problem statement: The sum of money becomes four times, so A = 4P. The simple interest rate R = 5\% per annum. Step 2: Calculate the simple interest earned.