Multiple choice

How much amount should be invested, if the simple interest on this amount for 3 years at 6% p.a. is Rs. 1240?

  1. Rs. 688.9

  2. Rs. 6,889

  3. Rs. 68,890

  4. Rs. 3,444.5

  5. Rs. 2,296.33
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Simple Interest = (P * R * T) / 100. 1240 = (P * 6 * 3) / 100. 1240 = 18P / 100. P = 124000 / 18 = 6888.88, which rounds to 6889.

AI explanation

Using the simple interest formula Principal = (Simple Interest * 100) / (Rate * Time), we substitute the given values. The principal equals (1240 * 100) / (6 * 3), which simplifies to 124000 / 18. This calculation gives the required investment amount of approximately 6889 rupees.

Keep practicing — related questions