How much time will it take for an amount of Rs 600 to yield Rs 54 as interest at 3% per annum of simple interest?
Answer & explanation
Correct answer: option 4
Formula used:
Simple Interest = $\frac{P \times R \times T}{100}$
54 = $\frac{600 \times 3 \times T}{100}$
⇒ T = 3 years