A sum becomes Rs 15,500 in 7 years on simple interest at the rate of 30 percent per annum. What is the total interest for the 7 years ?
Answer & explanation
Correct answer: option 3
Amount(A) = 15500
Let Principle (P) = 100
Then total interest (I) = Rate(R) × Time (T)
= 30 × 7 = 210
⇒ A = P + I
⇒ A = 100 + 210 = 310
ATQ
⇒ 310 unit = 15500
⇒ 1 uint = 50
⇒ Interest = 210 unit = 210 × 50 = Rs 10500