In how many years will Rs. 7000 become Rs. 8680 at 4% per annum simple interest?
1. 3 years
2. 2 years
3. 5 years
4. 6 years
1. 3 years
2. 2 years
3. 5 years
4. 6 years
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Correct Answer – Option 4 : 6 years
Given:
Amount = Rs. 8680
Principal = Rs. 7000
Rate = 4% per annum
Formula used:
Time = (Simple interest × 100)/(Principal × rate)
Simple interest = Amount – principal
Calculation:
Simple interest = Rs.(8680 – 7000)
⇒ Rs. 1680
Time = (1680 × 100)/(7000 × 4)
⇒ 6 years