Question

Amount received on$₹3000$ for two years at the rate of $11\%$per annum is

• A. $₹2340$
• B. $₹3660$
• C. $₹4320$
• D. $₹3330$

Answer 1

The correct option is B

$₹3660$

Correct option: (b)$₹3660$

Step 1: Find the interest

Given that,

• Principal($P$) $=₹3000$
• Time($T$) $=2years$
• Rate($R$)$=11\%$

Then, we know the formula of

Simple interest$\left(I\right)=\frac{(P\times R\times T)}{100}$

$\begin{array}{rcl}I& =& \frac{3000\times 11\times 2}{100}\\ I& =& 30\times 11\times 2\\ I& =& ₹660\end{array}$

Step 2: Find the amount

Now, we know that

Amount ($A$) $=$ Principal ($P$) + Interest ($I$)

$\begin{array}{rcl}Amount& =& ₹3000+₹660\\ & =& ₹3660\end{array}$

Hence, the amount received is $₹3660$

Hence, the correct option is (b)