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Ms. Suchi deposits an amount of Rs. 24,000 to obtain simple interest at the rate of 14% per annum for 8 years. What total amount will Ms. Suchi get at the end of 8 years?

1. Rs. 62,080
2. Rs. 28,000
3. Rs. 50,880
4. Rs. 26,880

Correct answer: Rs. 50,880

Solution

Simple interest is \(\frac{24000 \times 14 \times 8}{100} = 26880\). Adding this to the principal gives \(24000 + 26880 = 50880\).

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