What sum of money lent out at 16 per cent per annum simple interest would produce ₹ 9600 as interest in 2 years?
The sum of money = ₹ 30,000
Using SI formula: SI = (P × R × T)/100.9600 = (P × 16 × 2)/100.P = (9600 × 100) / 32 = ₹ 30,000.