Question : A sum of Rs. 28,500 is lent out at 6.4% per annum simple interest for 10 years. What will be the amount after 10 years?
Option 1: Rs. 2,85,000
Option 2: Rs. 46,740
Option 3: Rs. 40,290
Option 4: Rs. 32,480
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Correct Answer: Rs. 46,740
Solution :
Given: A sum of Rs. 28,500 is lent out at 6.4% per annum simple interest for 10 years.
Here, Principle ($P$) = Rs. 28,500
Rate of interest ($R$) = 6.4%
Time ($T$) = 10 years
So, the total interest (I) = $\frac{PRT}{100}$
= $\frac{28500×6.4×10}{100}$
= Rs. 18,240
Therefore, the required amount = (28500 + 18240) = Rs. 46,740
Hence, the correct answer is Rs. 46,740.
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