Answer:
$ 48000
Step-by-step explanation:
To find the principal amount when given the simple interest, interest rate, and time, you can use the formula for simple interest:
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Given:
- Simple Interest (SI) = $960
- Rate (R) = 12% per annum
- Time (T) = 2 months \(\sf(expressed\: in \:years, T = \frac{2}{12} = \frac{1}{6})\)
Let's plug these values into the formula and solve for the principal amount (P):
\(960 = P \times 0.12 \times \frac{1}{6}\)
To solve for P, divide both sides of the equation by \(0.12 \times \frac{1}{6}:\)
\(P = \dfrac{960}{0.12 \times \dfrac{1}{6}} \\\\ P = \dfrac{960}{0.02} \\\\ P = 48000\)
