What sum (in ₹) will earn a simple interest of ₹240 in 2 years at 4% per year rate of interest?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 3000.
SI = (P × R × T)/100
⇒ 240 = (P × 4 × 2)/100
⇒ 8P = 240 × 100 = 24000
⇒ P = 24000/8 = 3000