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SSC Selection Post 2024 PYQ — Question 69

SSC Selection Post - Matriculation Level - 24 June 2024 - Shift 4 • Quantitative Aptitude • Q69

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In how many years will ₹2,500 invested at the rate of 12% per annum, simple interest, amount to ₹3,700?

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Correct answer: A

Explanation

The correct answer is Option 1 i.e. 4.

Simple Interest = Amount - principal

⇒ 3700 − 2500 = 1200

SI = P×R×T100P\times R\times T\over100

⇒ 1200 = 2500×12×T1002500\times 12\times T\over100

⇒ 1200 = 300T

⇒ T = 4 years