Question : When will INR 3,720 amount to INR 5,282.4 at 12% simple interest per annum?
Option 1: $3$ years
Option 2: $3 \frac{1}{2}$ years
Option 3: $5 \frac{1}{2}$ years
Option 4: $5$ years
Correct Answer: $3 \frac{1}{2}$ years
Solution :
Given:
Principal = INR 3,720
Rate = 12%
Simple Interest = (5,282.4 – 3720) = 1,562.4
Let the required time be $x$ years.
Simple Interest=$\frac{\text{Principal × Rate × Time}}{100}$
⇒ $1562.4=\frac{3720×12×x}{100}$
So, the required time is $3 \frac{1}{2}$ years.
Hence, the correct answer is $3 \frac{1}{2}$ years.
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