Question
Download Solution PDFWhat sum (in ₹) will earn a simple interest of ₹240 in 4 years at 16% per year rate of interest?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple Interest (SI) = ₹240
Time (t) = 4 years
Rate of Interest (r) = 16%
Formula used:
SI = (P × r × t) / 100
Where, P = Principal
Calculations:
240 = (P × 16 × 4) / 100
⇒ P = (240 × 100) / 64
⇒ P = 375
∴ The correct answer is option (1).
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