Question : A sum becomes INR 12960 in 2 years at the rate of 4% per annum on simple interest. What is the sum?
Option 1: INR 10000
Option 2: INR 12200
Option 3: INR 12000
Option 4: INR 11600
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Correct Answer: INR 12000
Solution : Amount = INR 12960 Term, $n$ = 2 years Rate, $R$ = 4% Let $P$ be the principal sum. Simple interest = $12960 - P$ We know, Simple interest = $\frac{\text{Principal × Time × Rate}}{100}$ $⇒12960-P = \frac{P×2×4}{100}$ $⇒12960 = P + \frac{8P}{100}$ $\therefore P=\frac{1296000}{108}=12000$ Hence, the correct answer is INR 12000.
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