Question
Download Solution PDFAfter 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?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹8,925
Amount (A) = ₹12,941.25
Rate of Interest (R) = 9% per annum
Formula used:
Simple Interest (SI) = A - P
SI =
Where, T = Time in years
Calculation:
SI = ₹12,941.25 - ₹8,925
⇒ SI = ₹4,016.25
Using the formula:
⇒ T =
⇒ T =
⇒ T = 5 years
∴ The correct answer is option (2).
Last updated on Jun 27, 2025
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