Question : What is the maturity value of Rs. 7416 at the end of 3 years at 8.33% simple interest?
Option 1: Rs. 10400
Option 2: Rs. 9270
Option 3: Rs. 9990
Option 4: Rs. 8840
Correct Answer: Rs. 9270
Solution :
Given: Principal = Rs. 7416
Time = 3 years
Rate = 8.33%
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
= $\frac{7416 × 8.33 × 3}{100}$
= Rs. 1854
Amount = Principal + Simple interest
= 7416 + 1854
= Rs. 9270
Hence, the correct answer is Rs. 9270.
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