Question

1. Find the interest on a sum of 1000 for 2 years at the rate of 4% per annum.​

Answer 1

Given:

• Principal = Rs. 1000
• Time = 2 years

⇒ 1 year = 12 month

⇒ 2 year = 12 ༝ 2 = 24 month

• R = 4%

Find:

• Interest = ?

Solution:

⟼ SI = P ༝ R ༝ T/100

⟼ SI = 1000 ༝ 4 ༝ 24/100

⟼ SI = 10 ༝ 4 ༝ 24

⟼ SI = 960.

∴ Hence, the simple interest is Rs. 960.