Question : In how many years will a sum of Rs. 9,500 amount to Rs. 11,780 at the rate of 8% per annum at simple interest?
Option 1: 3
Option 2: 2
Option 3: 4
Option 4: 5
Correct Answer: 3
Solution :
Total amount = Rs. 11,780
Principal sum = Rs. 9,500
Simple Interest = 11,780 – 9,500 = Rs. 2,280
Rate = 8%
Let $n$ be the time.
We know, Simple Interest =$\frac{\text{Principal×Rate×Time}}{100}$
$⇒2280 = \frac{9500×8×n}{100}$
$\therefore n= 3$ years
Hence, the correct answer is 3.
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