Question 11

Simple interest on a sum for eight months at 6% per annum is Rs 340.What is the value (in Rs) of sum?

Solution

Let principal amount = Rs. $$x$$

Rate of interest = 6% and time period = $$\frac{8}{12}=\frac{2}{3}$$ years

=> Simple interest = $$\frac{P\times R\times T}{100}$$

=> $$\frac{x\times6\times2}{3\times100}=340$$

=> $$\frac{x}{25}=340$$

=> $$x=340\times25=Rs.$$ $$8,500$$

=> Ans - (A)

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