Simple interest gained on ₹9,000 at the rate of 8% is equal to ₹2,160. Calculate the time.
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Correct answer: D
Explanation
The correct answer is option 4 i.e. 3 years.
Principal (P) = ₹9,000
Rate (R) = 8% per annum
Simple Interest (SI) = ₹2,160
Time (T) = ?
SI = (P × R × T)/100
⇒ 2160 = (9000 × 8 × T)/100
⇒ 2160 = 720T
⇒ T = 2160/720 = 3