Find interest on Rs. 40,000 at the rate of 3% annually for 4 years investment?
- Rs. 4800
- Rs. 5000
- Rs. 4700
- None of these
Explanation
To calculate the interest:
Principal (P) = Rs. 40,000
Rate (R) = 3% per annum
Time (T) = 4 years
Interest (I) = (P * R * T) / 100
= (40,000 * 3 * 4) / 100
= 4800
The correct answer is: Rs. 4800
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