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The compound interest on an amount invested for 2 years at 12% per annum is Rs. 2544. What will be the simple interest on this amount when invested for 7 years at 8% per annum?1. Rs. 60002. Rs. 52003. Rs. 56004. Rs. 6400 |
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Answer» Correct Answer - Option 3 : Rs. 5600 Given: The compound interest on an amount invested for 2 years at 12% per annum is Rs. 2544. Formula: CI = P [1 + (r/100)]n – P, when the rate of interest is r and the amount is invested for n years. SI = PRT/100 Calculation: Let the sum be Rs. P. 2544 = P [1 + (12/100)]2 – P P = 10000 Now, simple interest on Rs. 10,000 SI = (10000 × 7 × 8)/100 ⇒ Rs. 5600 ∴ The simple interest is Rs. 5600 |
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