Find the time if ₹3,000 amounts to ₹3,600 at 8% simple interest.
Show answer & explanation
Correct answer: B
Explanation
Principal (P) = ₹3000
Amount (A) = ₹3600
Simple Interest (SI) = 3600 - 3000= ₹600
Rate (R) = 8%
Simple Interest = (P × R × T)/100
600 = (3000 × 8 × T)/100
600 = 240T
T = 600/240
T = 2.5 years