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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