A sum, when invested at 10% simple interest per annum, amounts to ₹2880 after 2 years. What is the simple interest (in ₹) on the same sum at the same rate of interest in 2 years?

Question

Question

This question was previously asked in

RPF Constable 2024 Official Paper (Held On 06 Mar, 2025 Shift 3)

Answer 1

Given:

Amount (A) = ₹2880

Rate (R) = 10% per annum

Time (T) = 2 years

Formula Used:

Simple Interest (SI) = \(\frac{P \times R \times T}{100}\)

Amount (A) = P + SI

Calculation:

A = P + \(\frac{P \times R \times T}{100}\)

⇒ 2880 = P + \(\frac{P \times 10 \times 2}{100}\)

⇒ 2880 = P + \(\frac{20P}{100}\)

⇒ 2880 = \(\frac{6P}{5}\)

⇒ P = \(\frac{2880 \times 5}{6}\)

⇒ P = 2400

Simple Interest (SI) = \(\frac{2400 \times 10 \times 2}{100}\)

⇒ SI = 480

∴ The simple interest is ₹480.