Question : The sum of money that will yield Rs. 60 as simple interest at a rate of 6% per annum in 5 years is:
Option 1: Rs. 200
Option 2: Rs. 225
Option 3: Rs. 175
Option 4: Rs. 300
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Correct Answer: Rs. 200
Solution : Given: Simple interest = Rs. 60 Rate = 6% Time = 5 years Simple interest = $\frac{\text{Principal×Rate×Time}}{100}$ ⇒ $60=\frac{\text{Principal}×6×5}{100}$ ⇒ Principal = Rs. 200 Hence, the correct answer is Rs. 200.
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