What sum (in ₹) will earn a simple interest of ₹360 in 2 years at 16% per year rate of interest?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 1125.
SI = (P × R × T)/100
⇒ 360 = (P × 16 × 2)/100
⇒ P = (360 × 100)/(16 × 2) = 1125