Question : In how many years will a sum of Rs. 3000 yield an interest of Rs.1080 at 12% per annum simple interest?
Option 1: $4$ years
Option 2: $3$ years
Option 3: $5$ years
Option 4: $2\frac{1}{2}$ years
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Correct Answer: $3$ years
Solution :
Given:
Principal = Rs. 3000
Simple interest = Rs.1080
Rate = 12%
Simple interest =$\frac{\text{Principal×Rate×Time}}{100}$
⇒ $1080 = \frac{3000 × 12 × \text{Time}}{100}$
⇒ Time = $\frac{1080 × 100}{3000 × 12}$
⇒ Time = $3$ years
Hence, the correct answer is $3$ years.
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