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      Question

      What sum of money must be given at simple interest for 3

      months at 4% per annum in order to earn Rs. 240 interest?
      A Rs.26000 Correct Answer Incorrect Answer
      B Rs.24000 Correct Answer Incorrect Answer
      C Rs.20800 Correct Answer Incorrect Answer
      D Rs.22000 Correct Answer Incorrect Answer

      Solution

      Let the sum of money be Rs. P. SI = Rs. 240, T = 1/4 year and R = 4% SI = (P Γ— R Γ— T)/100 β‡’Β  240 = P Γ— (4/100) Γ— (1/4) β‡’ Β P = Rs. 24000

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