Question : The amount to be paid, when principal = Rs. 2,000, rate of simple interest (R) = 5% and T = 2 years, is:
Option 1: Rs. 3,200
Option 2: Rs. 2,400
Option 3: Rs. 2,200
Option 4: Rs. 3,400
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Correct Answer: Rs. 2,200
Solution :
Given:
Principal = Rs. 2,000
Rate (R) = 5%
Time = 2 years,
Simple interest = $\frac{\text{Principal×Rate×Time}}{100}$
⇒ Simple interest $=\frac{2000×5×2}{100}$
⇒ Simple interest $=200$
∴ Required amount = Principal + Simple interest = Rs.(2000 + 200) = Rs. 2200
Hence, the correct answer is Rs. 2200.
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