In what time will Rs 9,500 amount to Rs 10,070 at 3 % per annum simple interest?
1. 2 years
2. 3 years
3. 5 years
4. 1 year
5. 6 years
1. 2 years
2. 3 years
3. 5 years
4. 1 year
5. 6 years
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Correct Answer – Option 1 : 2 years
Given:
Principal = Rs. 9500
Amount = Rs 10,070
Rate = 3 % per annum
Formula used:
S.I = ( P × R × T)/100
Calculation:
S.I = Amount – Principal
⇒ 10,070 – 9,500
⇒ Rs. 570
570 = (9500 × 3 × T)/100
⇒ (570 × 100)/(9500 × 3) = T
⇒ T = 2 years
∴ The required time is 2 years