A man invested ₹7,050 for 5 years at the rate of 8% simple interest per annum, What will be two-third of the money (in ₹)that he will get on maturity?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 6,580.
SI = (P × R × T)/100 = (7050 × 8 × 5)/100 = 282000/100 = ₹2,820
Maturity Amount = P + SI = 7050 + 2820 = ₹9,870
⇒ 2/3 × 9870 = ₹6,580