Question
Download Solution PDFA 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?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount (A) = ₹2880
Rate (R) = 10% per annum
Time (T) = 2 years
Formula Used:
Simple Interest (SI) =
Amount (A) = P + SI
Calculation:
A = P +
⇒ 2880 = P +
⇒ 2880 = P +
⇒ 2880 =
⇒ P =
⇒ P = 2400
Simple Interest (SI) =
⇒ SI = 480
∴ The simple interest is ₹480.
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