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Find the simple interest on Rs. 2000 for 2 years at the rate of 5% per annum.
1. Rs. 200
2. Rs. 100
3. Rs. 500
4. Rs. 400

1 Answer

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Correct Answer - Option 1 : Rs. 200

Given:

Principal = Rs 2000

Time = 2 years

Rate of interest = 5%

Concept used:

Simple interest = PRT/100

P → Principal; R → rate of interest; T → time 

Calculation:

Simple interest = 2000 × 2 × 5/100 = Rs 200

∴ Simple interest is Rs 200.

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