In how much time will the simple interest on a certain sum of money be \(\frac 6 5\) times of the sum at 20% per annum?
1. 6 years
2. 5 years
3. 7 years
4. 8 years
1. 6 years
2. 5 years
3. 7 years
4. 8 years
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Correct Answer – Option 1 : 6 years
Given:
Interest = 6/5 times of principal
Rate of interest = 20%
Formula used:
SI = (P × R × T)/100
where I = Interest, P = Principal, R = Rate and T = Time
Explanation:
Let principal = x then,
Interest = x × 6/5 = 6x/5
6x/5 = (x × 20 × T)/100
⇒ 6x/5 = (x × T)/5
⇒ T = 6 years
∴ The time will be 6 years.