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A man invested ₹P at the rate of 16% p.a. on simple interest for 5/2 years. If the man received ₹2000 as interest, then find the value of P.

1. 2500 Rs.
2. 3000 Rs.
3. 4000 Rs.
4. 5000 Rs.

Correct answer: 5000 Rs.

Solution

SI = P×R×T/100 = P×16×(5/2)/100 = P×0.4 = 2000 → P = 2000/0.4 = ₹5000.

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