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Q.

When the initial investment is Rs. 6000 and the interest rate is 6 percent annually, what is the simple interest after six years?

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a

Rs 6160

b

Rs 8160

c

Rs 4160

d

Rs 2160

answer is A.

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Detailed Solution

detailed_solution_thumbnail

Given, Principal = Rs 6000

Rate of Interest = 6% p.a. 

Time = 6 years

Simple interest = P × T × R100

S.I. = 6000 × 6 × 6100

S.I. = Rs. 2160

Hence, the correct answer is Rs 2160.

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