What will be the interest on a sum of Rs. 40,000 invested at 4% per an

1.	What will be the interest on a sum of Rs. 40,000 invested at 4% per annum at simple interest for 2 years?1. Rs. 2,2002. Rs. 3,2003. Rs. 4,2004. Rs. 5,2005. None of these
Answer» Correct Answer - Option 2 : Rs. 3,200 Given: Principal = Rs. 40,000 Time = 2 years Rate = 4% per annum Formula used: SI = (P × R × T)/100 Where, SI = Simple interest R = Rate T = Time Calculations: SI = (P × R × T)/100 ⇒ SI = (40,000 × 4 × 2)/100 ⇒ SI = 3,200 ∴ The simple interest after 2 years is Rs. 3,200

What will be the interest on a sum of Rs. 40,000 invested at 4% per annum at simple interest for 2 years?1. Rs. 2,2002. Rs. 3,2003. Rs. 4,2004. Rs. 5,2005. None of these

Answer» Correct Answer - Option 2 : Rs. 3,200

Given:

Principal = Rs. 40,000

Time = 2 years

Rate = 4% per annum

Formula used:

SI = (P × R × T)/100

Where,

SI = Simple interest

R = Rate

T = Time

Calculations:

SI = (P × R × T)/100

⇒ SI = (40,000 × 4 × 2)/100

⇒ SI = 3,200

∴ The simple interest after 2 years is Rs. 3,200

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