Akshay has borrowed an amount of ₹440000 from a bank to start a business. How much simple interest (in ₹) will he pay at a rate of 5% per annum after 4 years?

The correct option is 88000.

To find the simple interest Akshay has to pay, we can use the standard simple interest formula:

$SI=\frac{P\times R\times T}{100}$

Where:
- P is the Principal amount borrowed = ₹4,40,000
- R is the Rate of interest per annum = 5%
- T is the Time period in years = 4 years

Substituting the given values into the formula:

$SI=\frac{440000\times 5\times 4}{100}$

First, simplify the calculation by dividing 440,000 by 100:

$SI=4400\times 5\times 4$

Now, multiply the numbers:

$SI=4400\times 20$

$SI=88000$

Therefore, Akshay will pay a simple interest of ₹88,000 after 4 years.