In how many years will a sum of ₹9,500 amount to ₹11,780 at the rate of 8% per annum at simple interest?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 3.
Amount = Rs.11780
Principal = Rs.9500
S.I. = Amount - Principal
S.I. = 11780 - 9500 = Rs.2280
Rate = 8%
⇒ 2280 = (P × R × T)/100
⇒ 2280 = (9500 × 8 × T)/100
⇒ 2280 = 95 × 8 × T
⇒ T = 3 Years