If simple interest for 5 years is ₹ 2000, what is the simple interest for 1 year?

₹ 400

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₹ 500

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₹ 300

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₹ 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 = $\frac{2000}{5}$
= ₹ 400

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