What approximate amount needs to be returned which is due as Rs. 848 at the end of 4 years at 4% per annum simple interest?

A Rs. 848

B Rs. 883

C Rs. 1023

D Rs. 983

E Data inadequate

Correct Answer: Option D

For simple interest, interest = PRT/100

Where P is the principle amount, R is the rate of interest and T is the number of years.

Here, P = 848, R = 4 and T = 4

Hence, Interest = (848 × 4 × 4)/100 = Rs. 135.68

Total amount need to be returned = 848 + 135.68 = Rs.983.68