Question
Download Solution PDFA sum, when invested at 10% simple interest per annum, amounts to ₹2640 after 2 years. What is the simple interest (in ₹) on the same sum at the same rate of interest in 1 year?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Amount (A) = ₹2640
Rate (R) = 10%
Time (T) = 2 years
Formula used:
Simple Interest (SI) = Principal (P) × Rate (R) × Time (T) / 100
Amount (A) = Principal (P) + Simple Interest (SI)
Calculations:
2640 = P + (P × 10 × 2) / 100
⇒ 2640 = P + P × 0.2
⇒ 2640 = P × (1 + 0.2)
⇒ 2640 = P × 1.2
⇒ P = 2640 / 1.2
⇒ P = 2200
Now, calculate the simple interest for 1 year:
SI = 2200 × 10 × 1 / 100
⇒ SI = 2200 × 0.1
⇒ SI = 220
∴ The correct answer is option (2).
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