Question
Download Solution PDFThe simple interest on a principal amount (in ₹) is ₹524 for a period of 2 years at the rate of 5% per annum. The principal amount (in ₹) is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Simple Interest (SI) = ₹524
Time (t) = 2 years
Rate of Interest (r) = 5% per annum
Formula used:
SI = (P × r × t) / 100
Calculations:
524 = (P × 5 × 2) / 100
⇒ P = (524 × 100) / 10
⇒ P = 5240
∴ The correct answer is option (1).
Last updated on Jul 8, 2025
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