What sum (in ₹) will earn a simple interest of ₹360 in 2 years at 8% per year rate of interest?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 2250.
The simple interest formula: SI = (P × R × T) / 100
Given: SI = ₹360, R = 8%, T = 2 years
360 = (P × 8 × 2) / 100
360 = (16P) / 100
P = (360 × 100) / 16 = ₹2250