Amount received on Rs. 3000 for 2 years at the rate of 11% per annum is:
Question
Amount received on Rs. 3000 for 2 years at the rate of 11% per annum is:
Solution
The question is asking for the total amount received after investing Rs. 3000 for 2 years at an interest rate of 11% per annum. This is a simple interest calculation.
The formula for simple interest is: I = PRT/100
Where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years)
Step 1: Identify the values from the question P = Rs. 3000 R = 11% per annum T = 2 years
Step 2: Substitute the values into the formula I = (3000 * 11 * 2) / 100 I = Rs. 660
Step 3: Calculate the total amount received The total amount received will be the initial principal plus the interest earned.
Total amount = P + I Total amount = Rs. 3000 + Rs. 660 Total amount = Rs. 3660
So, the amount received on Rs. 3000 for 2 years at the rate of 11% per annum is Rs. 3660.
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