At what time will ₹13,000 be lent at 4 percent per annum on simple interest amounting to 16,770?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 7.25 years.
Amount - Principal = Simple interest
16770 - 13000 = 3770
SI = (P × r × t)/100
⇒ 3770 = (13000 × 4 × T)/100
⇒ T = 377000/(4 × 13000)
⇒ T = 7.25 Years