Question : What is the simple interest on INR 2,000 for 4 years at the rate of 10% per annum?
Option 1: INR 500
Option 2: INR 800
Option 3: INR 600
Option 4: INR 1,000
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Correct Answer: INR 800
Solution :
Use the formula below.
Simple Interest = $\frac{\text{Principle×Rate×Time}}{100}$
According to the question
Simple Interest = $\frac{2000×10×4}{100}$
= $\frac{80000}{100}$
= 800
Hence, the correct answer is INR 800.
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