A sum fetched a total simple interest of ₹ 5,427 at the rate off 9% p.a. in 6 years. What is the sum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. ₹ 10,050.
Given:
Simple interest = ₹ 5,427
Rate = 9% p.a.
Time = 6 years
Formula used:
SI = PRT/100 ---- (1)
Where, P = principle, R = rate, T = time
Calculations:
Using equation (1), we get
⇒ 5427 = (P × 9 × 6)/100
⇒ P = 10050