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
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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