In how much time (in years, rounded off to 2 decimal places) will ₹10,800 amount to ₹24,800 if invested at simple interest at the rate of 15.5% per annum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 8.36.
Given that, Sum = ₹10,800
'Amount = ₹24,800
Rate = 15.5% per annum
SI = (PRT)/100
SI = Amount - sum
According to the given question,
SI = 24800 - 10800 = 14000
⇒ 14000 = (10800 × 15.5 × T)/100
⇒ 14000 = 1674T
⇒ T = 8.3632 ≈ 8.36