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SSC CHSL 2024 PYQ — Question 74

SSC CHSL - 04 July 2024 - Shift 2 • Quantitative Aptitude • Q74

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How much time (in years) will it take for an amount of ₹4,50,000 to yield ₹45,000 as simple interest at a 5% per annum rate of interest?

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Correct answer: C

Explanation

The correct answer is option 3 i.e. 2.

Simple Interest (SI) = P×R×T100\frac{P \times R \times T}{100}

(P) is the principal amount =  ₹4,50,000

(R) is the rate of interest = 5% per annum

(T) is the time in years,

(SI) is the simple interest = ₹45,000

T = SI×100P×R\frac{SI \times 100}{P \times R}

T = 45,000×1004,50,000×5\frac{45,000 \times 100}{4,50,000 \times 5}

T = 45,00,000 / 22,50,000 = 2  years