The simple interest on a principal amount (in ₹) is ₹888 for a period of 8 years at the rate of 2% per annum. The principal amount (in ₹) is:
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 5550.
SI = (P × R × T) / 100
888 = (P × 2 × 8) / 100
=> 888 = (16P) / 100
=> P = (888 × 100) / 16 = ₹5550