Answer:
The required Principal Amount = 7,250.
Step-by-step explanation:
Let us assume, the Principal Amount = P
Rate of interest = 8%
Time = 5 years
Total Simple Interest = 2900
Now, [tex]\textrm{SIMPLE INTEREST} = \frac{P \times R \times T}{100}[/tex]
[tex]\implies 2900 = \frac{P \times 8 \times 5}{100} \\\implies P = \frac{2900 \times100}{8 \times 5} = 7,250[/tex]
or, P = 7,250
Hence, the required Principal Amount = 7,250.
