Calculate the simple interest on ₹2000 at 6% per annum for 2 years.
Explanation
To calculate simple interest, we use the formula: Simple Interest = (Principal * Rate * Time) / 100. Given Principal = ₹20000, Rate = 6%, Time = 2 years. Plugging in the values, we get Simple Interest = (20000 * 6 * 2) / 100 = ₹2400.
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