A sum of ₹2000 is invested on simple interest for three years at the rate of 10% per annum, then the amount will be:
Answer & explanation
Correct answer: option 2
We know ,
Amount = Principal + Simple Interest
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
= \(\frac{2000 × 10 × 3 }{100}\)
= 600
So , Amount = 2000 + 600 = Rs.2600