Question : A sum of Rs. 11064 gives an interest of Rs. 2766 in $x$ years at 5% per annum simple interest. What will be the value of $x$?
Option 1: 3
Option 2: 2
Option 3: 4
Option 4: 5
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Correct Answer: 5
Solution : Given: Principal = Rs. 11064 Simple interest = Rs. 2766 Time = $x$ years Rate = 5% We know that, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $2766=\frac{11064 × 5 × x}{100}$ ⇒ $x=\frac{2766\times100}{11064 × 5}$ $\therefore x=5$ years Hence, the correct answer is 5.
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