How many years will it take for ₹8,400 to amount to ₹11,928 at a simple interest rate of 7% per annum?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is Option 4 i.e. 6.
We know that,
S.I. = (P × R × T)/100
here, S.I. = Simple Interest, P = principal, R = Rate, and T = Time
So,
S.I. = Amount - Principal
⇒ 11928 - 8400 = (8400 × 7 × T)/100
⇒ 3528 = (8400 × 7 × T)/100
⇒ 352800 = 8400 × 7 × T
⇒ 42 = 7 × T
⇒ T = 6 years