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Determine the sum which earns a simple interest of Rs. 126 in 2 years at 14% per annum.

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Rs. 394

Rs. 395

Rs. 450

Rs. 540

answer is C.

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Detailed Solution

From the given data, we have,
Simple Interest = Rs. 126.
Rate = 40% p.a.
Time = 2 years.
The formula for calculating the simple interest (I), is given as follows,

I = P × R × T 100

where P denotes the principal, R denotes the rate of interest and T denotes the time in years.
So, substituting the values, we get,

126 = P × 14 × 2 100

P = 1260028

P = 450

So, the sum is obtained as Rs. 450.
Hence, the correct option is (3).

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