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What sum will amount to Rs 6600 in 2 years at 10% per annum simple interest?

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Rs 5000

Rs 5500

Rs 6000

Rs 6500

answer is B.

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Detailed Solution

We are given that, amount=Rs 6600, rate=10% and time

.
The formula for simple interest,

S . I = P × R × T 100

Where, S.I is simple interest. P=principal. R=rate percent. T=time.
The formula for amount,
Amount

= Sum + S .I .

Let the principal be Rs. P.
Apply formula,

S . I = P × R × T 100

⇒ S . I = P × 10 × 2 100 = P 5

Apply formula,
Amount

= Sum + S .I .

⇒ 6600 = P + P 5 ⇒ 6600 = 5 P + P 5 ⇒ 6600 = 6 P 5 ⇒ P = 6600 × 5 6

Simplifying further,

⇒ P = 1100 × 5 ⇒ P = R s .5500

Therefore, the correct option is 2.

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