1.

Find the principal of which the monthly interest is `1Rs` at the rate of `5%` annual simple interest.

Answer» Let the principal be `Rs x`
Now, `1` month `=(1)/(12)` year
`:.` Simple interest `=Rs(x xx5xx1)/(100xx12)=Rs(x)/(240)`
As per question, `(x)/(240)=1impliesx=240`
`:. ` The required principal `=Rs240`


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