By Ajay Kumar

Verified by Ajay Kumar

A man lends a sum of money at 8% simple interest. After 3 years, the total interest received is ₹2,400. What is the amount of money he would receive at the end of 5 years?

  1. ₹12,000

  2. ₹10,000

  3. ₹14,000

  4. ₹11,000

Answer: C

Solution

Using \(SI=\frac{P\times R\times T}{100}\), \(2400=\frac{P\times8\times3}{100}\). Therefore, \(P=10000\)₹. Interest for 5 years = \(\frac{10000\times8\times5}{100}=4000\)₹. Amount = ₹10000 + ₹4000 = ₹14000. Trick: Interest for 5 years = \(2400\times\frac{5}{3}=4000\)₹.

Community answers

Votes use a first-party browser cookie to help prevent repeat votes. Votes indicate helpfulness, not correctness.

No community answers yet. Be the first to share how you solved it.

Share your solution

Help other learners understand the steps. Your answer will be reviewed before it appears.

Your answer will be checked by our team before publishing.