Question
Download Solution PDFMohit invested a certain sum of money at 6% per annum simple interest. If he receives an interest of ₹41721 after 2 years, the sum (in ₹) he invested is:
This question was previously asked in
OSSC Excise SI (Mains) Official Paper (Held On: 17 Oct, 2024 Shift 2)
Answer (Detailed Solution Below)
Option 3 : 347675
Detailed Solution
Download Solution PDFGiven:
Rate = 6% per annum
Time = 2 years
Simple Interest = ₹41721
Formula used:
SI = (P × R × T) / 100
Calculation:
⇒ 41721 = (P × 6 × 2) / 100
⇒ 41721 = (12P) / 100
⇒ P = (41721 × 100) / 12 = 4172100 / 12 = ₹347675
∴ Principal = ₹347675
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