Question
Download Solution PDFA sum, when invested at 10% simple interest per annum, amounts to ₹2640 after 2 years. What is the simple interest (in ₹) on the same sum at the same rate of interest in 2 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount (A) = ₹2640
Rate of interest (r) = 10% per annum
Time (t) = 2 years
Formula used:
A = P + SI
SI = P × r × t / 100
Where, SI = Simple Interest, P = Principal, r = Rate of Interest, t = Time
Calculation:
2640 = P + SI
⇒ SI = P × r × t / 100
⇒ A = P + (P × r × t / 100)
⇒ 2640 = P + (P × 10 × 2 / 100)
⇒ 2640 = P + (P × 20 / 100)
⇒ 2640 = P + 0.2P
⇒ 2640 = 1.2P
⇒ P = 2640 / 1.2
⇒ P = ₹2200
Now calculate SI using the formula:
SI = P × r × t / 100
⇒ SI = 2200 × 10 × 2 / 100
⇒ SI = ₹440
∴ The correct answer is option (1).
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