How much time will it take for an amount of Rs. 360 to yield Rs. 72 as interest at 5% p.a. of simple interest?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 4 years
Principal = 360 (given)
SI = 72Rs.
Rate of interest = 5%
Time = ?
SI = P × R × T/100
72 = 360 × 5 × T/100
T = 7200/1800 = 4 Years.