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The sum required to earn a monthly interest of Rs 400 at 10 % per annum at simple interest is

Rs 2000
Rs 12000
Rs 24000
Rs 48000

Correct Answer: Rs 48000

Explanation:

Total interest needed in a year = Rs 400 × 12
= Rs 4800
Principal = (100 × SI)/R × T
where, R = Rate
T = Time
SI= Simple Interest

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