A sum of money, when invested at the rate of 15% per annum at simple interest, amounts to ₹26,000 in 2 years. What is the simple interest that accrued during these 2 years?
Answer & explanation
Correct answer: option 2
Simple interest for 2 years = 2 × 15% = 30%
Let initial sum invested = 100%
Amount = Principal + Interest
= 100% + 30%
= 130%
ATQ,
130% = 26000
1% = \(\frac{26000}{130 }\) = 200
Simple interest of 2 years = 30% = 30 × 200 = Rs. 6000