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Question : What amount a man would have received on a principal of Rs. 7,500 after two years at simple interest at the rate of 7 percent per annum?

Option 1: Rs. 8,400

Option 2: Rs. 8,550

Option 3: Rs. 7,600

Option 4: Rs. 7,400


Team Careers360 6th Jan, 2024
Answer (1)
Team Careers360 9th Jan, 2024

Correct Answer: Rs. 8,550


Solution : Given: Principal = Rs. 7500
Rate = 7%
Time = 2 years
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ = $\frac{7500×7×2}{100}$ = 1050
Amount = Principal + simple interest = 7500 + 1050 = 8550
Hence, the correct answer is Rs. 8550.

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