Question : In how much time will a sum of Rs. 5250 amount to Rs. 9870 at the rate of 11% per annum at simple interest?
Option 1: 8 years
Option 2: 14 years
Option 3: 12 years
Option 4: 15 years
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Correct Answer: 8 years
Solution :
Simple interest = 9870 – 5250 = Rs. 4620
Rate = 11%
Principal = Rs. 5250
Let the time be $t$ years.
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $4620 = \frac{5250 × 11× t}{100}$
⇒ $420 = \frac{210t}{4}$
⇒ $t = 4 × 2 = 8$ years
Hence, the correct answer is 8 years.
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