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
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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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