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A sum ₹ 2121 lent for 4 years at the rate of interest 14.28% per annum. What is amount at the end of 4 years?
1. ₹ 3232
2. ₹ 3333
3. ₹ 3434
4. ₹ 3300

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Correct Answer - Option 2 : ₹ 3333

Given:

A sum ₹ 2121 lent for 4 years at the rate of interest 14.28%.

Formula used:

Simple interest(S.I) = (P × R × t)/100

Amount = P + S.I

Where P = principal

R = rate of interest

t = time

Calculation:

As we know that 14.28% = 1/7

Simple interest(S.I) = (P × R × t)/100

⇒ S.I = {2121 × 14.28 × 4}/100

⇒ S.I = (2121 × 4)/7

⇒ S.I = (2121 × 4)/7

⇒ S.I = 303 × 4 = ₹ 1212

Amount = Princpal + S.I

⇒ 2121 + 1212 = ₹ 3333

∴ The amount after 4 years will be ₹ 3333

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