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Question : Sunita invested INR 12,000 on simple interest at the rate of 10% p.a. to obtain a total amount of INR 20,400 after a certain period. For how many years did she invest to obtain the above amount?

Option 1: 8

Option 2: 9

Option 3: 6

Option 4: 7


Team Careers360 10th Jan, 2024
Answer (1)
Team Careers360 15th Jan, 2024

Correct Answer: 7


Solution : Total amount = INR 20,400
Principal sum, $P$ = INR 12,000
Rate, $R$ = 10%
Let $n$ be the time.
Simple interest, SI = 20400 – 12000 = 8400
⇒ SI = $\frac{PnR}{100}$
⇒ $8400 = \frac{12000 × n × 10}{100}$
⇒ $n = \frac{840000}{120000} = 7$
Hence, the correct answer is 7.

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