Question
Download Solution PDFA sum, when invested at 10% simple interest per annum, amounts to ₹4080 after 2years. What is the simple interest (in ₹) on the same sum at the same rate of interest in 1 year?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Rate of interest (R) = 10% per annum
Time for 2 years (T) = 2 years
Amount after 2 years (A) = ₹4080
Formula Used:
Amount (A) = Principal (P) + Simple Interest (SI)
Simple Interest (SI) = (P × R × T) / 100
Calculation:
⇒ A = P + SI
⇒ ₹4080 = P + (P × 10 × 2) / 100
⇒ ₹4080 = P + (20P / 100)
⇒ ₹4080 = P (1 + 20 / 100)
⇒ ₹4080 = P × (120 / 100)
⇒ P = ₹4080 × (100 / 120)
⇒ P = ₹3400
Simple interest for 1 year = (P × R × T) / 100
⇒ SI = (₹3400 × 10 × 1) / 100
⇒ SI = ₹340
The simple interest for 1 year is ₹340.
Last updated on Jun 2, 2025
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