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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 × R × T)/100 ⇒  240 = P × (4/100) × (1/4) ⇒  P = Rs. 24000

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