Ravi lent ₹12,000 to his friend at a simple interest rate of 8% per annum. After how many years will the total amount become ₹16,800?
Show answer & explanation
Correct answer: B
Explanation
Simple Interest = 16800 - 12000 = ₹4800
SI = P × R × T / 100
4800 = 12000 × 8 × T / 100
4800 = 960T
T = 4800 ÷ 960 = 5 years