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Simple interest on 4,000 rupees at 5.5 per cent for 4 years is:
A220 rupees
B440 rupees
C880 rupees
D660 rupees
Answer & Solution
Correct answer: C. 880 rupees
1. Interest for one year is 5.5 per cent of 4,000, that is 220.
2. Four years give four times that amount.
3. 220 times 4 comes to 880 rupees.
_Source: OpenStax 'Contemporary Mathematics', Ch 6 'Money Management' (CC BY)_
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