Question : Rs. P is invested at 5% per annum at simple interest. After $T$ years an interest of Rs. 82 is earned and the amount becomes Rs. 902. What is the value of $T$?
Option 1: 1 year
Option 2: 2 years
Option 3: 4 years
Option 4: 3 years
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Correct Answer: 2 years
Solution : The interest earned = Rs. 82 Amount = Simple interest + Principal ⇒ 902 = 82 + Principal $\therefore$ Principal = 820 Time = $T$ years Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$ ⇒ $82=\frac{820\times T\times 5}{100}$ $\therefore T = 2$ Hence, the correct answer is 2 years.
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