Question : Monty paid a simple interest of INR 480 on a particular sum after 2 years. The rate was 8% per annum. Find the sum.
Option 1: INR 2200
Option 2: INR 2000
Option 3: INR 3000
Option 4: INR 2500
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Correct Answer: INR 3000
Solution :
Let the principal amount be $P$.
Time, $T$ = 2 years
Rate of Interest, $R$ = 8% per annum
Interest gained = INR 480
Now, we know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
$⇒480=\frac{P\times 8\times 2}{100}$
$\therefore P=3000$
Hence, the correct answer is INR 3000.
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