What will be the amount due on ₹36,000 in 2 years when the rate of simple interest for successive years is 8% and 6%, respectively?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. ₹41,040.
Given that, sum of money = ₹36,000
Time = 2 years
Rates for two years = 8% and 6%
SI = (P × R × T)/100
According to the given question,
SI = (36000 × 8 × 1)/100 + (36000 × 6 × 1)/100
⇒ 2880 + 2160 = 5040
Amount = Sum of money + Simple interest
⇒ 36000 + 5040 = 41040