What sum (in ₹) will earn a simple interest of ₹240 in 4 years at 12% per year rate of interest?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e 500.
SI = (P × R × T)/100
⇒ 240 = (P × 12 × 4)/100
⇒ 240 = 48P/100
⇒ 24000/48 = P = 500