The simple interest on a principal amount (in ₹) is ₹360 for a period of 4 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. 4500.
Given:
SI = 360,
Time = 4 years,
Rate = 2% per annum
SI = (P × R × T) / 100
360 = (P × 2 × 4) / 100
360 = (8P) / 100
8P = 360 × 100 = 36000
P = 36000 ÷ 8 = ₹4500