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Find the simple interest on ₹5000 at 6% per annum for 2 years.
- ₹600
- ₹500
- ₹550
- ₹620
Correct answer: ₹600
Solution
Simple interest is calculated using SI = (P × R × T) / 100. Substituting P = 5000, R = 6, and T = 2 gives SI = 600. Hence, the simple interest is ₹600.
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