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