Rishabh has a recurring deposit account in a post office for 3 years at 10% simple interest. If he gets Rs9,990 as interest at the time of maturity. Find the amount of maturity.

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33,300

33,000

33,333

None of the above

answer is A.

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Detailed Solution

Concept- The interest earned on the principal amount at the conclusion of the first year is referred to as simple interest. The following is the formula used to compute simple interest:

Here, P denotes the original principal amount, also known as the amount of maturity, and S.I. denotes the simple interest generated at the conclusion of a specified time period.
R is the interest rate being used.
T represents the time in years.
The sum has been deposited for a T=3-year term.
Interest is charged at a rate of 10% per year (R).
And, at the end of the time period, the simple interest S.I.= Rs9,990
Now, using the simple interest formula, we obtain,
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