In how many years will ₹7,200 amount to ₹8,928 at a simple interest rate of 8% per annum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. Three.
SI = 8928 - 7200 = 1728
SI = (P × R × T)/100
⇒ 1728 = (7200 × 8 × T)/100
⇒ 576T = 1728
⇒ T = 1728/576 = 3
Therefore, it will take three years for ₹7,200 to amount to ₹8,928.