Question : In how much time will a sum of Rs. 10200 amount to Rs. 19125 at the rate of 12.5% per annum at simple interest?
Option 1: 6 years
Option 2: 5 years
Option 3: 8 years
Option 4: 7 years
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Correct Answer: 7 years
Solution :
Given, Principal Amount, $P$ = Rs. 10200
The amount received after interest = Rs. 19125
Rate of interest, $R$ = 12.5%
Let the time taken for the amount to become Rs. 19125 be $T$ years
Simple interest here = Rs. (19125 – 10200) = Rs. 8925
Also, simple Interest = $\frac{P\times R\times T}{100}$
So, $\frac{P\times R\times T}{100}=8925$
or, $\frac{10200\times 12.5\times T}{100}=8925$
or, $T=7$ years
Hence, the correct answer is 7 years.
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