A man invested ₹2,400 at 5% and ₹5,400 at 9% simple interest. What amount(in ₹) will he get from his investments after 6 years?
Answer & explanation
Correct answer: option 4
We know ,
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
Simple Interest of 6 years = \(\frac{2400 ×5 × 6}{100}\) + \(\frac{5400 × 9 × 6}{100}\)
= 720 + 2916
= 3636
Now ,
Amount after 6 years = Principal + Simple Interest of 6 years
= ( 2400 + 5400 ) + 3636
= 11436