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Answer :-
The simple interest on Rs 500 for 2 years at 5% per annum is Rs 50.
To find :-
The simple interest.
Step-by-step explanation :-
Here, the principal, rate and time have been given to us. We have to find the simple interest.
We know that :-
Where,
SI = Simple Interest.
Here,
Principal = Rs 500.
Rate = 5% per annum.
Time = 2 years.
Therefore,
Cutting off the zeroes,
Now let's multiply the remaining numbers since we can't reduce them anymore.
Multiplying the numbers,
Hence, the simple interest is Rs 50.