Question

Find the amount received on Rs 4000 for 2 years and 3 months at the rate of 11% per annum?

Answer 1

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Principal = Rs. 4000

Time = 4/3

Rate = 2 paise per rupee per month = 2% per month (since one rupee = 100 paise)

annually Rate = 2 × 12 = 24%

Simple Interest = (P × R × T) ÷ 100 = (4000 × 24 × 4/3) ÷ 100 = Rs. 1280

Amount = P + I = 4000 + 1280 = Rs. 5280

Hope it helps ❤︎