Question : An amount fetched a total simple interest of Rs. 3200 at the rate of 6.25% per year over 4 years. What is the amount (in rupees)?
Option 1: 13800
Option 2: 11800
Option 3: 12800
Option 4: 14800
Correct Answer: 12800
Solution :
Rate, R = 6.25%
Time, T = 4 years
Simple interest, SI = Rs. 3200
Simple interest after T years = $\frac{PRT}{100}$
3200 = $\frac{P×4×6.25}{100}$
$P = \frac{3200×100}{4×6.25}$ = Rs. 12800
The amount is Rs. 12800.
Hence, the correct answer is Rs. 12800.
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