Question : Rs. 2300 is invested for 3 years in a scheme of simple interest at a rate of 12% per annum. What is the amount obtained (in Rs.) after 3 years?
Option 1: Rs. 3128
Option 2: Rs. 3456
Option 3: Rs. 3724
Option 4: Rs. 2950
Correct Answer: Rs. 3128
Solution :
Given:
Principal = Rs. 2300
Rate = 3% per annum
Time = 12 years
We know,
Simple interest, SI = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ SI = $\frac{2300 \times 3\times 12}{100}$ = Rs. 828
Amount obtained = Rs. 2300 + Rs. 828 = Rs. 3128
Hence, the correct answer is Rs. 3128.
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