Question : What sum of money should be invested to earn a simple interest of INR 5,040 in 3 years and 6 months at a 12% rate of interest per annum?
Option 1: INR 9,000
Option 2: INR 11,000
Option 3: INR 15,000
Option 4: INR 12,000
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Correct Answer: INR 12,000
Solution : Simple Interest (SI) = INR 5,040 Time (T) = 3 years 6 months = 42 months Rate (R) = 12% Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ $⇒ 5040 = \frac{(\text{P} × 42 × 12)}{1200}$ $⇒42P = 504000$ $\therefore P = 12000$ Hence, the correct answer is INR 12,000.
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