In how many years and months will a sum of ₹24 becomes ₹56 at 16% simple interest per annum ?

7 years 8 months 8 years 4 months 6 years 11 months 6 years 5 months

8 years 4 months

Amount = Principal + Simple Interest 56 = 24 + Simple Interest Simple Interest = 56 - 24 = 32 We know , Simple Interest = \(\frac{Principal ×Rate × Time }{100}\) 32 = \(\frac{24 × 16 × Time }{100}\) 2 = \(\frac{24  × Time }{100}\) Time = 8 years 4 months