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Question
Amount received on ₹ 3000 for 2 years at the rate of 11% per annum is ______.
Options
₹ 2340
₹ 3660
₹ 4320
₹ 3330
Solution
Amount received on ₹ 3000 for 2 years at the rate of 11% per annum is ₹ 3660.
Explanation:
Given, P = ₹ 3000
T = 2 year
And R = 11%
∴ I = `(P xx R xx T)/100`
= `(3000 xx 11 xx 2)/100`
= ₹ 660
Now, amount (A) = P + I
= 3000 + 660
= ₹ 3660
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