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?

₹7,623

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