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
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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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