Question : A sum, when invested for 2 years at the rate of 10% per annum at simple interest, amounts to INR 4,800 on maturity. What is the sum invested?
Option 1: INR 3,600
Option 2: INR 4,000
Option 3: INR 3,500
Option 4: INR 4,200
Answer (1)
24th Jan, 2024
Correct Answer: INR 4,000
Solution :
Amount = INR 4800
Time = 2 years
Rate = 10%
We know that,
Simple interest = amount – principal
Simple interest =
So,
⇒
⇒
⇒
Hence, the correct answer is INR 4,000.
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