How many years will it take for Rs.8,400 to amount to Rs.11,928 at a simple interest rate of 7% per annum? - SSC STUDY

How many years will it take for Rs.8,400 to amount to Rs.11,928 at a simple interest rate of 7% per annum?

Options
a) 6
b) 2
c) 8
d) 5

Solution

As per question
P = 8400
R = 7%
T = ?
S.I = Amount – principal
S.I = 11928 – 8400
S.I = 3528
S.I = $\frac{P \times R \times T}{100}$
3528 = $\frac{8400 \times 7 \times T}{100}$
588T = 3528
T = 3528 = $\frac{3528}{588}$
T = 6

Answer : a) 6