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
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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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