If simple interest for 5 years is ₹ 2000, what is the simple interest for 1 year?
A
₹ 400
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B
₹ 500
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C
₹ 300
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D
₹ 600
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Solution
The correct option is A ₹ 400 Simple interest calculated is the same for every year. Given that the interest for 5 years is ₹ 2000. Hence the interest for 1 year = 20005 = ₹ 400