Question

Find the amount for principal Rs. 13000 invested for 1 year at 2% annual rate of simple interest.
1. Rs. 11,260
2. Rs. 12,260
3. Rs. 10,260
4. Rs. 13,260

Answer 1

Correct Answer - Option 4 : Rs. 13,260

Given:

Principal = Rs. 13,000

Time = 1 year

Rate of interest = 2%

Formula used:

S.I = PRT/100

Amount = Principal + S.I

Calculation:

S.I = Rs. (13000 × 2 × 1)/100

⇒ Rs. 260

Amount = Rs. 13,000 + Rs. 260

⇒ Rs. 13,260

∴ The amount is Rs. 13,260