If 10000 rupees is invested at a simple annual interest rate of 6 percent, what is the value after half a year?
A10300 rupees
B10600 rupees
C10030 rupees
D10060 rupees
Answer & Solution
Correct answer: A. 10300 rupees
Simple interest formula: $V = P(1 + rt/100)$. Here $P = 10000$, $r = 6$, $t = 1/2$. So $V = 10000(1 + (6)(0.5)/100) = 10000(1 + 0.03) = 10000(1.03) = 10300$ rupees. Option B uses a full year. Option C divides the interest by 10.
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