In how many years will a sum of Rs. 4,000 gives a simple interest of Rs. 1,200 at 10% per annum?
Show answer & explanation
Correct answer: A
Explanation
Simple interest formula:
SI = P × R × T / 100
1200 = 4000 × 10 × T / 100
1200 = 400 × T
T = 1200 / 400 = 3 years