Rs. P are invested at 5% per annum of simple interest. After T years an interest of Rs.82 is earned and the amount becomes Rs.902. What is value of T?
Answer & explanation
Correct answer: option 4
Principal (P)= x
Rate (R) = 5 %
Time (T) = t
Interest (I) =82
Amount (A) =902
P = A -I
P = 902 - 82 = 820 Rs
Simple Interest(S.I.)=\(\frac{P×R×T}{100}\)
82 = \(\frac{820×5×T}{100}\)
T = \(\frac{82×100}{820×5}\)
Time = 2 years