Question : What will be the simple interest on a sum of INR 12,000 at the rate of 15 percent per annum for three years?
Option 1: INR 7,200
Option 2: INR 6,000
Option 3: INR 5,400
Option 4: INR 4,500
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Correct Answer: INR 5,400
Solution :
Given: A sum of INR 12,000 at the rate of 15 percent per annum for three years.
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}=\frac{12000\times 15\times 3}{100}=$ INR 5,400
Hence, the correct answer is INR 5,400.
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