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The compound interest on an amount invested for 2 years at 15% per annum is Rs. 387. What will be the simple interest on this amount when invested for 4 years at 5% per annum?1. 3002. 5203. 2404. 400 |
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Answer» Correct Answer - Option 3 : 240 Given: The compound interest on an amount invested for 2 years at 15% per annum is Rs. 387. Formula Used: CI = P × (1 + r/100)n – P, where the rate of interest is r and the amount P is invested for n years. SI = principal × rate × time/100 = Prt/100 Calculation: Let the sum be Rs. P. ⇒ 387 = P (1 + 15/100)2 – P ⇒ P = 1200 Now SI for 4 years at 5% simple interest rate = 1200 × 4 × 5/100 = 240 (in Rs.) ∴ Required simple interest is Rs. 240 |
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