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
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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