Question

What will be the simple interest on Rs.1700 at the rate of 10 p.c.p.a for 2 years?​

Answer 1

Answer:

Rs. 340

Step-by-step explanation:

Concept= Simple Interest

Given= The principal amount, rate of interest and the time.

To find= The Simple interest on the money

Explanation=

We have been given the amount of investment as Rs 1700 , the rate of interest per annum as 10% and the time is for two Years.

Simple interest is the interest calculated on the money invested for a given duration of time under the interest rate.

The formula for calculating simple interest is (P*R*T)/100

Here P= Principal Amount, T= Time in years , R= Rate of Interest per annum

According to the question we have,

P= Rs. 1700, T= 2 years, R= 10% p.a

Simple Interest = (1700*10*2)/100

S.I = 17*10*2 = Rs. 340.

Therefore the Simple Interest on Rs.1700 at the rate of 10% p.a for 2 years is Rs. 340.

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