The principal amount is [tex]\$3500[/tex]
SOLUTION:
Given that, simple interest [tex]8\%[/tex]; [tex]\$4340[/tex] after 3 years
We have to find the principal.
Now, let the principal amount be p.
Then, [tex]\text { Simple Interest }=\frac{p \times 8 \times 3}{100}=\frac{p \times 24}{100}[/tex]
Now, we know that, Balance = Principal amount + Simple Interest
[tex]\begin{array}{l}{\rightarrow \$ 4340=p+\frac{24 p}{100}} \\\\ {\rightarrow 4340=p\left(1+\frac{24}{100}\right)} \\\\ {\rightarrow 4340=p \times \frac{100+124}{100}} \\\\ {\rightarrow p=4340 \times \frac{100}{124}} \\\\ {\rightarrow p=35 \times 100} \\\\ {\rightarrow p=3500}\end{array}[/tex]
