How long will it take for a sum of Rs 450 to accumulate Rs 81 in interest at a simple interest rate of 4.5% per annum ?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 4 years.
SI = PRT/100
Where P is principal, R is rate and T is time.
According to the given question,
⇒ 81 = 450 × 4.5 × T/100
⇒ T = 8100/2025
⇒ T = 4