Find the amount of Rs. 1700 invested at 16% half yearly at simple interest for one year
Posted on 23-04-2023
Ques - Find the amount of Rs. 1700 invested at 16% half yearly at simple interest for one year :
(a) Rs. 2100
(b) Rs. 2244
(c) Rs. 2200
(d) Rs. 2500
Solution -
Given,
P = 1700
R = 16%
T = 2 (half yearly at simple interest for one year)
So,
S.I. = (P×R×T) / 100
S.I. = [1700 × 16 × 2] / 100
S.I. = 544
Amount = P + S.I.
Amount = 1700 + 544
Amount = 2244
Therefore,
The amount will be Rs. 2244.
Hence,
The correct answer is option (b) Rs. 2244.
Thank You