If on a certain sum, the simple interest for 4 years is Rs.2,000, then what is the simple interest for 6 years on the same sum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Rs.3,000.
Formula used:
SI = PRT/100
Where SI = Simple interest, R = rate, P = principal and T = time
Calculations:
Using the above formula, we get
⇒ 2000 = (PR × 4)/100
PR = 50000
Now when time is 6 years
Simple interest = (PR × 6)/100
SI = (50000 × 6)/100 = 3000