Question 62

If ₹1000 is invested for two years at simple interest at the rate of 12.5% per annum, then what is the amount?

Solution

we know that Simple interest

SI =$$\frac{P\times R\times T}{100}$$ where P is the principle, R is rate of interest and T is time period

In the given question

P= 1000

T = 2 years

R = 12.5% per annum substituting the values

SI = $$\frac{1000\times 12.5\times 2}{100}$$= 250

Amount = P + SI = 1000 + 250 = 1250

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