A sum at simple interest of 7% per annum amounts to Rs.4,368 in 8 years. Find the sum.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. Rs.2,800.
Amount = (P × R × T)/100 + P
⇒ 4368 = P[(7 × 8)/100 + 1]
⇒ 4368 = P[56/100 + 1]
⇒ 4368 = P[0.56 + 1]
⇒ 4368 = P[1.56]
⇒ P = 4368/1.56 = Rs. 2800