Find the amount after 3 years if the rate of interest is 15% per annum and principal is Rs. 24,000.
Find the amount after 3 years if the rate of interest is 15% per annum and principal is Rs. 24,000.
ARs. 30,900
BRs. 32,700
CRs. 36,500
DRs. 34,800
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correct answer is: Rs. 34,800
Explanation: To find the amount after 3 years with a principal of Rs. 24,000 and an annual interest rate of 15%, we can use the simple interest formula: \[ A = P + PRT \] Where:
- \( P = 24,000 \) (principal amount)
- \( R = 15\% = 0.15 \) (annual interest rate)
- \( T = 3 \) years Plugging in the values: \[ A = 24,000 + (24,000 \times 0.15 \times 3) \] \[ A = 24,000 + 10,800 \] \[ A = 34,800 \] Thus, the amount after 3 years is Rs. 34,800.
- OPTION a (Rs. 30,900): Too low; doesn't match the calculated amount.
- OPTION b (Rs. 32,700): Still too low; doesn't match the calculated amount.
- OPTION c (Rs. 36,500): Too high; likely assumes compound interest, which wasn't specified.
- OPTION d (Rs. 34,800): Correct; matches the calculated amount using simple interest.
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