Question
Download Solution PDFA person invests Rs. 9,840 at 5% per annum simple interest to obtain a total amount of Rs. 12,300. For how many years did he invest the sum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
A person invests Rs. 9,840 at 5% per annum simple interest to obtain a total amount of Rs. 12,300
Formula used:
Simple interest = P × R × T / 100 [ P = principal, R = rate of interest, T = time]
Calculation:
Let,T = time
Simple interest got by the person is 12300 - 9840 = Rs 2460
As per the formula,
2460 = 9840 × 5 × T / 100
⇒ T = 2460 /492
= 5 years
∴ The correct option is 1
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