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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