Question : How much simple interest (in INR) will INR 6,000 earn in 21 months at 8% per annum?
Option 1: 750
Option 2: 880
Option 3: 620
Option 4: 840
Correct Answer: 840
Solution :
Principal, $P$ = INR $6000$
Time of investment, $T$ = $21\text{ months} = \frac{21}{12}$ years
Rate of interest, $R$ = 8% per annum
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ Simple interest = $\frac{6000\times 8\times \frac{21}{12}}{100}$ = INR $840$
Hence, the correct answer is 840.
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