Question

Amount received on Rs 3000 for 2 years at the rate of 11% per annum is

Answer 1

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Answer 2

Simple Interest = (Principal × Rate × Time)/100

⇒ Simple Interest = (3000 × 11 × 2)/100

⇒ Simple Interest = (30 × 11 × 2)/1

⇒ Simple Interest = 30 × 11 × 2

⇒ Simple Interest = 330 × 2

⇒ Simple Interest = 660

Amount = Simple Interest + Principal

⇒ Amount = 660 + Principal

⇒ Amount = 660 + 3000

⇒ Amount = 3660