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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