A sum of ₹5,575 is invested at the rate of 8% simple interest per annum for 4 years. What will be the interest (in ₹) payable on maturity?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 1784.
SI = (P × R × T)/100
= (5575 × 8 × 4)/100
= 1784