Question : In how much time (in years) will a sum of Rs. 9,500 amount to Rs. 17,622.5 at the rate of 4.5% per annum at simple interest?
Option 1: 21
Option 2: 23
Option 3: 19
Option 4: 20
Correct Answer: 19
Solution :
Total amount = Rs. 17,622.5
Sum = Rs. 9,500
Rate = 4.5%
Let $n$ be the time.
Simple Interest = Total amount – Sum = 17622.5 – 9500 = Rs. 8,122.5
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
$⇒ 8122.5 = \frac{9500×n×4.5}{100}$
$\therefore n= 19$
Hence, the correct answer is 19.
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