wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Amit invests a sum of ₹ 10,000 in a fund giving 10 % p.a rate of interest. Find the amount received by him at the end of 6 years.

A
₹ 12,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
₹ 8,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
₹ 16,000
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D
₹ 24,000
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is C ₹ 16,000
Given, time = 6 years.
The sum invested = ₹ 10,000.

The Simple Interest earned on a sum of ₹ P for a period of T years at the rate of R% p.a S.I is given by P× R× T100.

So, Interest earned = 10,000× 10× 6100= 6,000

We know that,
Principal + Interest = Amount.
Hence, Amount = ₹ (10,000 + 6,000) = ₹ 16,000.

So, the Amount received after 6 years = ₹ 16,000.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Simple Interest
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon