A sum of ₹2000 is invested on simple i

CUET Preparation Today

Start Free Mocks

Home Questions JDKFHD979F

Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

A sum of ₹2000 is invested on simple interest for three years at the rate of 10% per annum, then the amount will be:

Options:

₹2900

₹2600

₹2300

₹2500

Correct Answer:

₹2600

Explanation:

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