Question : A sum of Rs. 500 becomes Rs. 580 at simple interest in 2 years. In how many years will the sum of Rs. 650 amounts to Rs. 858 at the same rate of simple interest?
Option 1: 4 years
Option 2: 8 years
Option 3: 5 years
Option 4: 6 years
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Correct Answer: 4 years
Solution : Given: A sum of Rs. 500 becomes Rs. 580 at simple interest in 2 years. Principal ($P$) = Rs. 500 Simple interest ($I$) = 580 – 500 = Rs. 80 Time ($T$) = 2 years So, the rate of interest ($R$) = $\frac{100×I}{P×T}$ = $\frac{100×80}{500×2}$ = 8% Now, at the same interest rate, Principal ($P$) = Rs. 650 Total interest ($I$) = (858 – 650) = 208 The rate of interest ($R$) = 8% So, the required time ($T$) = $\frac{100×I}{P×R}$ = $\frac{100×208}{650×8}$ = 4 years Hence, the correct answer is 4 years.
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