Question : A sum fetched a simple interest of Rs. 3360 at a rate of 6% per year in 7 years. Find the sum.
Option 1: Rs. 8000
Option 2: Rs. 9500
Option 3: Rs. 7500
Option 4: Rs. 6000
Correct Answer: Rs. 8000
Solution :
Given: A sum fetched a simple interest of Rs. 3360 at a rate of 6% per year in 7 years.
Total interest ($I$) = Rs. 3360
Rate of interest ($R$) = 6%
Time ($T$) = 7 years
So, the total sum ($P$) = $\frac{100×I}{R×T}$
= $\frac{100×3360}{6×7}$
= Rs. 8000
Hence, the correct answer is Rs. 8000.
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