Question
Download Solution PDFA principal amount of ₹9800 is invested at an interest rate of 78% per annum for 27 years. Calculate the simple interest earned on the investment.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹9800
Rate of interest (R) = 78% per annum
Time (T) = 27 years
Formula used:
Simple Interest (SI) = (P × R × T) / 100
Calculation:
SI = (9800 × 78 × 27) / 100
SI = (9800 × 2106) / 100
SI = 20638800 / 100
SI = ₹206388
∴ The simple interest earned on the investment is: ₹206388
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