If simple interest on Rs. 300 increases by Rs. 15, when the rate percent increases by 4% per annum. Find the time.
Answer & explanation
Correct answer: option 3
The increase in interest is due to rate percent
⇒ \(\frac{300\;×\;4\;×\;time}{100}\) = 15
⇒ time = \(\frac{5}{4}\) or 1\(\frac{1}{4}\) years