Question : In how much time will the simple interest on a certain sum of money be $\frac{6}{5}$th times of the sum at 20% per annum?
Option 1: 7 years
Option 2: 8 years
Option 3: 5 years
Option 4: 6 years
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Correct Answer: 6 years
Solution :
Given that,
Simple interest = $\frac{6}{5}×$ Principal
Rate = 20% per annum
Simple interest $=\frac{\text{Principal × Rate × Time}}{100}$
⇒ $\frac{6}{5}× \text{Principal}= \frac{\text{Principal × 20 × Time}}{100}$
$\therefore$ Time $= 6$ years
Hence, the correct answer is 6 years.
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