After how many years will a sum of ₹8,925 at simple interest fetch a total amount of ₹12,941.25 at the rate of 9% per annum?

Question

Question

This question was previously asked in

SSC MTS 2024 Official Paper (Held On: 23 Oct, 2024 Shift 3)

Answer 1

Given:

Principal (P) = ₹8,925

Amount (A) = ₹12,941.25

Rate of Interest (R) = 9% per annum

Formula used:

Simple Interest (SI) = A - P

SI = \(\frac{P \times R \times T}{100}\)

Where, T = Time in years

Calculation:

SI = ₹12,941.25 - ₹8,925

⇒ SI = ₹4,016.25

Using the formula: \(\frac{SI \times 100}{P \times R} = T\)

⇒ T = \(\frac{4,016.25 \times 100}{8,925 \times 9}\)

⇒ T = \(\frac{401,625}{80,325}\)

⇒ T = 5 years

∴ The correct answer is option (2).

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