In how much time will a sum of Rs. 12000 amounts to Rs. 15600 at the rate of 5 percent per annum at simple interest?
Show answer & explanation
Correct answer: B
Explanation
Given:
P = 12,000
A = 15,600
R = 5%
According to the formula:
SI = (P × R × T)/100
A = P + SI
SI = A − P = 15,600 − 12,000 = 3,600
(P × R × T)/100 = SI
(12,000 × 5 × T)/100 = 3,600
600T = 3,600
T = 6 years