In how much time will a sum of Rs. 5250 amounts to Rs. 9870 at the rate of 11 percent per annum at simple interest ?
Answer & explanation
Correct answer: option 1
Principal (P) = 5250 Rs
Amount (A) = 9870 Rs
Rate (R) = 11% p.a.
Interest = A - P = 98780 - 5250 = Rs 4620
S.I. = \(\frac{P×R×T}{100}\)
4620 = \(\frac{5250×11×T}{100}\)
∴ Time = 8 years