The simple interest on a certain sum for two years is 1000 at the rate of 10% per annum. What is the amount after these two years?
Answer & explanation
Correct answer: option 2
We know ,
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
1000 = \(\frac{Principal × 10 × 2 }{100}\)
Principal = Rs. 5000
Amount = Principal + Interest
= 5000 + 1000
= Rs. 6000