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The interest earned on Rs. 3000 at 10% per annum for a period of 3 years is Rs. ____.

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Detailed Solution

The interest earned on Rs. 3000 at 10% per annum for a period of 3 years is Rs. 900.
From the given data, we have,
Principal = Rs. 3000.
Rate = 10% p.a.
Time = 3 years.
The formula for calculating 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,

I = 3000 × 10 × 3 100 = 90000100 = 900

So, the interest earned on Rs. 3000 for a period of 3 years at 10% per annum is found as Rs. 900.

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