A sum of ₹3200 is invested on simple i

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

A sum of ₹3200 is invested on simple interest at 5% p.a. Find the amount received after 2 years 6 months.

Options:

₹400

₹3200

₹3600

₹3660

Correct Answer:

₹3600

Explanation:

Simple interest = \(\frac{ P × R× T }{100}\)

= \(\frac{ 3200 × 5 × 2.5 }{100}\)

= \(\frac{ 3200 × 5 }{40}\)

= 400

Amount = Principal + Simple interest

= 3200 + 400

= 3600

The correct answer is Option (3) → ₹3600