How much amount can a person get on a sum of ₹6,600, if it is invested at 6.2% per annum for a period of 2 years 6 months on simple interest?
Answer & explanation
Correct answer: option 2
Time = 2 years 6 months = \(\frac{5 }{2 }\) years
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
= \(\frac{ 6600 × 6.2 × 5 }{100 × 2}\)
= 1023
Amount = Principal + Simple interest
= 6600 + 1023
= Rs. 7623