Find the present value (in rs.) of rs.3000 due after 5 years at 10% p.a. simple interest.

Byju's Answer

Standard X

Mathematics

Introduction to Banking

Find the simp...

Question

Find the simple interest on ₹3000, at a simple interest rate of 10% per annum for eight months.

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Solution

Given P = ₹3000

R = 10%

To calculate, time (T) = 8 months = 23 years

S.I =P×R×T100=3000×10×23100=₹200

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