In what time will ₹13,000 lent at 4 per cent per annum on simple interest amount to ₹13,780?
Answer & explanation
Correct answer: option 1
Amount = Principal + Interest
13780 = 13000 + Interest
Interest = 780
We know ,
Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)
780 = \(\frac{13000 × 4 × Time }{100}\)
Time = 1.5 years
= 1 year 6 months