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A bank gives simple interest at the rate of 4.5% per annum. How much money (in ₹) should a person deposit to get ₹7,500 as interest every year?

  1. A
    1,33,333.33
  2. B
    2,33,333.33
  3. C
    2,66,666.67
  4. D
    1,66,666.67

Solution & Step-by-step Explanation

The formula for Simple Interest (SI) is:
SI=
100
P×R×T
​

Given:

SI=₹7,500

R=4.5% per annum

T=1 year

Substitute the values into the formula to find the principal P:

7500=
100
P×4.5×1
​

7500×100=4.5P
750000=4.5P
P=
4.5
750000
​
=
45
7500000
​

P=
3
5000000
​
≈1,66,666.67

Practice this question

Try it yourself before checking the explanation above.

A bank gives simple interest at the rate of 4.5% per annum. How much money (in ₹) should a person deposit to get ₹7,500 as interest every year?
A
1,33,333.33
B
2,33,333.33
C
2,66,666.67
D
1,66,666.67

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