Find the simple interest on ₹247 for 5 years at 6% per annum.

Step-by-Step Solution

To calculate the Simple Interest (SI), you can use the standard formula: SI = (P * R * T) / 100

Where:

• P = Principal amount (the initial sum of money)

• R = Rate of interest per annum

• T = Time period in years

1. Identify the given values:

   • Principal (P) = 247

   • Rate (R) = 6%

   • Time (T) = 5 years

2. Apply the formula:

   • SI = (247 * 6 * 5) / 100

3. Calculate the result:

   • First, multiply the rate and time: 6 * 5 = 30

   • Next, multiply by the principal: 247 * 30 = 7410

   • Finally, divide by 100: 7410 / 100 = 74.10