In how many years will the simple interest on a sum of money be equal to the principle at rate of \(12 \dfrac{2}{4}\%\) p.a.?
1. 8 years
2. 5 years
3. 7 years
4. 6 years
1. 8 years
2. 5 years
3. 7 years
4. 6 years
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Correct Answer – Option 1 : 8 years
Given:
Rate = \(12 \dfrac{2}{4}\%\) = (50/4)%
Formula:
SI = Prt/100
Calculation:
Let principal be Rs. x, then
SI = Rs. x
According to the question
x = (x × 50 × t)/(100 × 4)
⇒ t = 8 years
∴ In 8 years will the simple interest be equal to the principal.