A sum of Rs. 28500 is lent out at 6.4% per annum simple interest for 10 years. What will be the amount after 10 years?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Rs. 46740.
Simple interest = PRT/100
Where, P = principal, R = rate and T = time
According to the question;
⇒ Simple interest = (28500 × 6.4 × 10)/100 = 18240
Hence, total amount = P + SI = 28500 + 18240 = Rs 46740